Galantas Gold to buy crushing plant for Andacollo for USD4.2 million
(Alliance News) - Galantas Gold Corp on Monday announced it entered into a binding agreement to buy a complete three-stage crushing plant.
The mining and exploration company, focused on producing gold and copper from its assets in Chile, Northern Ireland and Scotland, said it will acquire the agglomeration plant equipment located in Mexico for installation at its fully owned Andacollo gold project in Chile.
The USD4.2 million acquisition remains subject to some conditions, such as a definitive asset purchase agreement and satisfaction of customary conditions.
The crushing plant is designed for a nominal throughput capacity of around 20,000 tonnes per day, with the seller stating that it is in good operating condition, Galantas Gold said.
Galantas Gold expects gold production at Andacollo to start in the first quarter of 2027.
The company appointed M3 Engineering & Technology Corp, an engineering firm with experience in the design, construction and delivery of large mining projects throughout the Americas, to execute the relocation of the plant.
Galantas Gold Chief Executive Officer Mario Stifano said: "This acquisition is another major execution milestone for Galantas and materially advances the development of the Andacollo gold project. Securing a high-quality, proven crushing plant significantly reduces project execution risk, shortens the development schedule and represents substantial capital savings compared with constructing a new crushing facility. Together with our engineering partners at M3, we have now transitioned from project planning into active execution."
Galantas Gold shares closed 4.4% lower at 20.56 pence each on Monday in London.
By Tom Budszus, Alliance News slot editor
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