Auric Mining (ASX:AWJ) has signed an agreement to acquire the Burbanks gold processing plant and associated assets in Western Australia, with completion subject to the deal’s remaining conditions.
In December 2024, the company entered into a letter agreement to acquire the Burbanks Mill for $4.4 million to BDO Queensland’s Andrew Fielding and Duncan Clubb.
The transaction is anticipated to be completed by mid to late September 2025.
Burbanks currently has a capacity of 180,000 tonnes per year and has all requisite infrastructure, permits, and licences.
Managing Director Mark English says this marks a milestone for Auric furthering its aspirations to become a fully integrated miner and producer.
“A major missing piece for us has always been a mill,” English says.
“We see executing this deed as another strategic step in the right direction of ultimately establishing our own processing pathway and being in control of our own destiny.
“It’s enabling us to take another huge step forward to achieving that goal and delivering long-term benefits for the company.”
Auric, which has a market capitalisation of $28.82 million, says after further work is completed and capital spent, it will be able to increase operational flexibility, reduce reliance on third-party mill arrangements and capture value from its future mining operations.
Auric Mining is an Australian gold-focused miner and explorer focused on its landholding in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
