Zinc miner New Century Resources has divested its interest in the Lawn Hill and Riversleigh Pastoral Holding Company for $9.8 million.
The miner’s 49 per cent stake is being acquired by the Waanyi SPC, current holders of the controlling 51 per cent interest in the business and corporate representative of the Waanyi People.
New Century will keep access rights to the pastoral properties for the purpose of exploration.
“It has been a long-held ambition of the Waanyi People to achieve full ownership of the Lawn Hill and Riversleigh Pastoral Holding Company, whose properties are of significant cultural value,” New Century managing director Patrick Walta said.
“New Century is pleased to have helped facilitate this outcome and wishes them success for ongoing operation of the properties.”
The Century mine which New Century operates is surrounded by the Lawn Hill and Riversleigh pastoral stations, which were originally acquired by the mine owners in 1996.