Tony Sage muscles in on ex-US congressman’s Queensland gold coup - AFR

AI desk brief

Perth entrepreneur Tony Sage has moved on Citigold, calling a shareholder meeting to try to oust the board and restart production at the Queensland gold miner’s flooded Charters Towers project. The mine was historically one of the world’s richest, producing 6.6 million ounces between 1872 and 1917, worth about $38 billion at today’s prices, but has been mothballed for a decade.

The story is mainly a corporate control and restart angle rather than an immediate market mover, but it highlights potential long-dated gold supply upside if the asset can be dewatered and recommissioned.