The JV company, Ravenswood Gold Group, comprises Gear's wholly-owned subsidiary, Golden Investments II, and Raven Gold Nominee, which is the trustee of investors managed or advised by EMR.
In a previous bourse filing, Gear said Raven Gold Nominee would buy the mine for up to A$300 million . In its latest filing on Tuesday, Gear said Raven Gold Nominee had paid former mine owner Carpentaria Gold a completion payment of A$50 million in cash, plus a working capital adjustment of A$1.6 million in cash.
Ravenswood is about 130 kilometres south of Townsville in Queensland. It is an existing operation with"significant" expansion potential to become a large-scale, low-cost and long-life producer, Gear said in an earlier filing.
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