Auric Mining (ASX:AWJ) said that its joint venture partner BML Ventures executed a toll processing agreement with Focus Minerals (ASX:FML) to process around 60,000 tonnes of ore from the Jeffreys Find gold mine in Western Australia, according to a Monday Australian bourse filing.
Toll milling will begin in July and processing is expected to last three weeks. Focus' Three Mile Hill plant has a nameplate capacity of 1.2 million tonnes per annum.
BML is the miner, operator, and manager of the mine and it incurs and pays all mining, haulage, milling costs, and related expenses.
After the sale of the gold, the partners split the surplus cash proceeds on a 50:50 basis. Final reconciliation for the project is set to take place in the third quarter and Auric expects to receive an additional AU$3 million to AU$4 million as a final cash distribution during this period.
Auric's shares fell over 7% on market close on Monday.
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