Barra buys back Burbanks gold mine

ASX-listed Kidman Resources has continued its drive to divest of its Western Australian gold assets, signing a deal with fellow-listed Barra Resources to sell its subsidiary Coolgardie Mining Company. Under the terms of the agreement, announced on Monday, Barra would pay Kidman an upfront fee of A$121 000, and a royalty of A$20/oz for the first 55 000 oz of gold sold from the Burbanks mine.