Westgold Resources (ASX:WGX) completed the sale of its Lakewood milling operation in Australia to Black Cat Syndicate (ASX:BC8) for AU$85 million in total, comprising AU$70 million in cash and AU$15 million in Black Cat shares, according to a Tuesday filing with the Australian bourse.

Westgold has received AU$25 million, with further payments of AU$20 million due by June and AU$25 million by November, the filing said.

The company retains access to process up to 200,000 tonnes per annum at Lakewood under a two-year toll-treating agreement, the filing added.