https://www.engineeringnews.co.za

Arc settles Slovakia liability

31st January 2018

By: Creamer Media Reporter

     

Font size: - +

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.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Bell Equipment
Bell Equipment

As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.096 1.18s - 140pq - 2rq
Subscribe Now