Central Asia sells off Dalabai project
PERTH (miningweekly.com) – ASX-listed junior Central Asia Resources has entered into a heads of agreement to divest of its 90% interest in the Dalabai gold project, in Kazakhstan, to local private company Uroven OMR for A$6.9-million.
Some A$400 000 in cash would be paid upon the execution of a formal sales and purchase agreement, with a further A$266 000 due at the start of gold production, if the production is achieved by either September 15 or December 15.
Central Asia would also acquire a 1% gross royalty from all production from the Dalabai project, capped at A$480 000, starting in January 2016, with the royalty payable in 2016 and 2017.
As part of the transaction, Uroven would assume all of the Dalabai related debts, including some A$3.46-million in bank debt and some A$2.3-million in gold line repayments.
Central Asia said the transaction represented a reasonable return for shareholders, given the difficulty in securing finance for the Dalabai project, and its relatively short mine life.
The project currently has a total mineral resource of 3.97-million tonnes, grading 0.98 g/t gold for 125 293 oz of contained gold. Some 180 oz of gold and 165 oz of silver were recovered during 2012 trial mining.
The proceeds from the sale would go towards working capital.
The transaction was subject to shareholder and regulatory approvals.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
