Havilah sells gold mine to contractor

Havilah Resources (ASX: HAV) has implemented the first transaction in its copper-cobalt strategy with the A$14.7 million sale of the Portia gold project in South Australia.

Staff reporter

CMC MD Steve Radford (left) and Havilah CEO Water Richards shake on Portia deal

Consolidated Mining and Civil (CMC), which is already a profit sharing partner at the Portia gold mine, will pay $13.5 million in staged cash payments over 18 months and replace rehabilitation obligation funding of $1.2 million.