Kingston Resources receives an initial A$50m cash payment from Ok Tedi Mining for the divestment of the Misima gold project in Papua New Guinea. The total deal is worth A$95m, with further payments contingent on a positive final investment decision. Kingston is now debt-free and focused on growth opportunities in Australia.

The company plans to repay its debt, invest in Mineral Hill, and expand copper production. The agreement includes a 0.5% gross revenue royalty on gold and copper production from Misima, with a buyback option for Ok Tedi at $25m. Kingston is optimistic about the potential for development decisions in a favorable gold price environment.

Read more at Yahoo Finance: Kingston receives first A$50m from Misima gold project divestment