Placer closes takeover

Placer Dome (PDG-T) has received US$97 million in return for selling the non-Porgera assets acquired in its takeover of Highlands Gold.

Highlands Gold owned 25% of the Porgera gold mine in Papua New Guinea, as well as other properties at the exploration and development stages.

Upon Placer’s US$344-Million takeover of the company, those other properties were sold to Highlands Pacific, a new company. The final net acquisition cost to Placer of Highlands Gold’s 25% interest in Porgera is US$247 million.

The major now owns half of the Porgera mine.

Porgera’s total proven and probable reserves are estimated at 78.7 million tonnes grading 4.5 grams gold per tonne, plus additional resources.