Independence launches Tropicana review
PERTH (miningweekly.com) – Metals miner Independence Group has launched a strategic review into its 30% interest in the Tropicana gold joint venture (JV), in Western Australia.
The company said on Friday that it launched the strategic review of the project, which it owned in a JV with South Africa's AngloGold Ashanti, after receiving unsolicited approaches from a number of parties.
“Tropicana is clearly a high-quality and significant asset within the Independence portfolio, however, Independence’s strategic focus is on commodities that are critical to clean energy,” said MD and CEO Peter Bradford.
“In the current gold price environment, we do not believe that Independence’s share price fully reflects the value of Tropicana. As such, in parallel to an assessment of future underground opportunities at Tropicana, Independence has commenced a review of its investment in Tropicana and how best to realise the asset’s full value to the benefit of shareholders.”
The company has advised AngloGold Ashanti of its intention and said the gold major had indicated that it would collaborate with the review over the next three to six months.
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