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Empire Metals Ltd on Tuesday said it has agreed to sell its 75% interest in the Eclipse gold project in Western Australia for A$750,000, about £372,000, in cash, as it sharpens its focus on its titanium strategy. The London-based mining firm said it has entered into a conditional sale and purchase agreement covering its majority stake in the Eclipse mining lease, a non-core gold asset located near Kalgoorlie, Western Australia. The proposed purchaser isn’t named but is described as a ‘reputable’ Western Australian mining services company operating in the Kalgoorlie region. The agreement includes a three-month exclusivity and due diligence period, during which the buyer will undertake technical and commercial reviews of the asset. Under the terms, Empire is set to receive A$50,000 as a non-refundable deposit within five days of signing, with the remaining A$700,000 payable on completion, subject to successful due diligence. During the exclusivity period, the buyer may carry out a small reverse circulation drilling programme at the site at the buyer’s own expense. Empire said the disposal aligns with its strategy to streamline its asset portfolio and redeploy capital and management attention toward its core Pitfield titanium project, also in Western Australia. Managing Director Shaun Bunn said: ‘This conditional sale represents a further step in our strategy to streamline the portfolio and focus management attention and capital on advancing the Pitfield project. ‘Eclipse is a non-core asset for Empire, and this transaction provides an opportunity to unlock value while reducing ongoing holding and resourcing costs.’ Subject to completion of due diligence, settlement of the transaction is expected in early April. Shares in Empire Metals were down 0.3% at 36.88 pence in London on Tuesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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