Intrepid in no hurry to spend cash
PERTH (miningweekly.com) – Dual-listed Intrepid Mines is weighing its options following an $80-million deal on its interest in the Tujuh Bukit copper/gold project, in Indonesia.
The ASX- and TSX-listed miner previously announced that it had signed a settlement regarding the ownership of the Tujuh Bukit project, while simultaneously making plans to sell its rights in the project.
Intrepid said on Wednesday that since the announcement of the settlement, the company had fielded numerous queries about its intent for the funds, while discussions with shareholders have made it apparent that a return of funds would be preferred over re-investment in resource projects.
As a result, Intrepid would now put a resolution to shareholders to vote on a cash return, the form of which was yet to be determined. It would be either a capital return or a share buy-back, the company said.
Additionally, Intrepid would refrain from making any project acquisitions or investments prior to the shareholder meeting, without shareholder approval.
However, the company noted that should an outstanding investment opportunity arise in the interim, Intrepid could decide to put the opportunity to shareholders for a vote, as an alternative to the cash return.
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