Saracen to Buy Australian Gold Mine from Norilsk

gold-scales

MOSCOW–OAO Norilsk Nickel (GMKN.RS) is trading its Thunderbox gold mine and processing facility in Western Australia to Saracen Metals Pty Ltd. for 40 million Australian dollars ($35.3 million), Norilsk said on Tuesday.

The world’s biggest nickel and palladium producer put the mine up for sale last year as it shed noncore assets to aim on profitable operations in Russia.

Saracen, a subsidiary of Saracen inorganic retaining Ltd. (SAR.AU), furthermore assumes all “environmental rehabilitation obligations,” Norilsk said.

The deal is anticipated to close in the first half of 2014 pending regulatory approval.