Azure divests of noncore assets
PERTH (miningweekly.com) – ASX-listed junior Azure Minerals on Tuesday told shareholders that it had sold off two of its noncore projects in Mexico for $100 000.
The sale of the Estacion Llano and San Juan projects was in line with the company’s strategy of gaining value from its projects, while also seeking new opportunities through the acquisition of projects that had significant potential and were suitable for joint ventures with major corporations, or where Azure’s exploration expertise could quickly add value.
“We’re pleased to have been able to sell two of our noncore assets, thereby gaining value from projects that would otherwise have continued to remain inactive,” said Azure MD Tony Rovira.
“Although we consider both of these properties to have some potential, they were unlikely to receive attention while we focus our energies on very high-value projects, such as the high-grade copper/gold/silver Promontorio project.”
The Promontorio project currently has a mineral resource of some 502 000 t, grading 4.7% copper, 2.1 g/t gold and 99 g/t silver. A prefeasibility study found that the Promontorio project could support a 150 000 t/y mining and processing operation, with a life-of-mine of some four-and-a-half years.
A total capital expenditure of $41.2-million would be required to fund Promontorio.
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