Base metal producer, New Century Resources (ASX:NCZ) has sold its 49 per cent interest in the Lawn Hill & Riversleigh Pastoral Holding Company to Waanyi SPC for a total consideration of $9.8 million.
New Century sold the rights to Waanyi SPC the current holders of the controlling 51 per cent interest and the corporate representative of the Waanyi People.
Under the deal the exploration agreement for New Century’s existing EPM overlapping the pastoral properties remains in effect.
New Century Managing Director, Patrick Walta says 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.
Shares in New Century Resources (ASX:NCZ) are trading 0.9 per cent lower at $0.27.