Condor seeks buyer for near-construction-ready project in Nicaragua
Dual-listed Condor Gold is looking to find a buyer for its near-construction-ready La India project, in Nicaragua, preferably a gold producer with mine building expertise.
The company on Tuesday reported that it had appointed Hannam and Partners as an adviser to seek a buyer for the asset.
CEO Mark Child explained that the board had reviewed the company’s options, including going through financing and construction phase as a single-asset, single-jurisdiction company with no existing gold production.
“[The board] concluded it is in the best interests of the company and all stakeholders to sell the assets of the company to a gold producer with mine building expertise, thus ensuring a new mine at La India, a significant investment in the local area and a regeneration of the local communities.”
Condor recently completed a bankable feasibility study on the La India openpit, demonstrating an average of 81 524 oz/y for an initial six years for a relatively low upfront cost of $106-million. Two additional permitted high-grade feeder pits can be added during the early years of production, thus increasing early output to more than 100 000 oz/y with an expansion possibility to 150 000 oz/y.
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