AuKing secures joint venture with Cobalt Blue for Koongie Park development

AuKing Mining Limited (ASX: AKN) has announced a new Joint Venture with Cobalt Blue Holdings Limited for the Koongie Park copper/zinc project in Western Australia. Under the agreement, COB can earn up to a 75% stake by investing AU$2 million in project expenditure over three years. COB will also issue AU$200,000 worth of shares to AuKing as part of the deal. This partnership leverages COB’s metallurgical expertise to advance the project towards feasibility studies, while also ensuring the project's tenures remain in good standing. 

The agreement allows AuKing to redirect resources to its Cloncurry gold and Mkuju uranium projects. With a minimum 25% retained interest, AuKing remains positioned to benefit from the project's growth. The 2023 Scoping Study outlined an 11-year mine life, AU$134 million development CAPEX, and a pre-tax NPV of AU$177 million, reinforcing Koongie Park’s long-term potential.

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