Bluebird to take over Southern Gold interest
PERTH (miningweekly.com) – ASX-listed Southern Gold on Monday told shareholders that its joint venture (JV) partner Bluebird Merchant Ventures has elected to acquire its 50% interest in the Gubong and Kochang gold projects, in the Republic of Korea.
Southern Gold’s interest in these projects was deemed up for sale in August this year after the company elected not to vote in favour of Bluebird’s 2020/21 programme and budget for the projects, or for a proposal to redevelop.
The company said at the time that its decision not to proceed with the proposal to redevelop was made for various reasons, including the management’s view that there were likely to be timing issues around country government approvals, and Covid-19 induced delays.
Southern Gold also made its objectives clear to realise value for the assets by either sale or corporate restructure without continuously funding ongoing JV expenditures, other than care and maintenance, in the near term.
The company said on Friday that Bluebird had now elected to acquire its JV interest, and had proposed a price for the assets, which the company did not accept.
Without the price being agreed upon, there was a clear process under the JV agreement for the appointment of an expert to make a determined price for the two JV interests.
The expert has 30 days from the date of appointment to make a determination, and the sale and purchase of the JV interest had to be completed within 60 days of this determination.
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