JOHANNESBURG (miningweekly.com) – Aim-listed Arc Minerals, formerly Ortac Resources, has agreed a settlement of royalty relating to the original purchase of the Sturec gold project, clearing the way for the company to sell the Slovakia asset.
The $3.75-million vendor royalty came into existence following the purchase of the asset from Tournigan in 2010.
The company has also settled a 2% net smelter royalty on gold production, which was to be purchased for $2-million from Tournigan.
Arc Minerals reported on Wednesday that it would pay a total settlement figure of £50 000 to extinguish the original agreement and the contingent liability.
“The removal of this liability will also help progress a clean and expedited sale of our Slovakian asset going forward," commented executive chairperson Nick von Schirnding.
Arc is refocusing its strategy on its African exploration assets, which includes a major shareholding in the Misisi gold project, in the Democratic Republic of Congo and a shareholding in a Zambian copper/cobalt asset.