https://www.engineeringnews.co.za

Orosur share price spikes on Colombia update

7th November 2019

By: Creamer Media Reporter

     

Font size: - +

Dual-listed Orosur Mining’s share price surged nearly 33% on London’s Aim on Thursday morning, after the company announced that gold major Newmont Goldcorp would maintain its earn-in rights over the Anzá project, in Colombia.

During the first year of the exploration agreement, which concluded on September 7, 2019, Newmont funded exploration costs totalling $310 000 to Minera Anzá, Orosur’s Colombian subsidiary.

In accordance with the agreement, Newmont has made a further cash payment of $690 000 to Minera Anzá to cover its outstanding commitments and to maintain its Phase 1 earn-in rights.

In terms of the three-phase earn-in agreement, Newmont could earn up to a 75% ownership of Anza by spending $30-million in qualifying expenditures over 12 years, completing a National Instrument 43-101-compliant feasibility study and making $4-million in cash payments.

Upon Newmont completing the Phase 3 earn-in, Orosur may elect for Newmont to solely fund all expenditures until commercial production starts at Anzá. Should the company pursue this option, Newmont’s ownership will increase to 80% in the Anzá project.

Orosur’s stock rose to an intraday high of 3.78p apiece, before settling at 3.20p a piece by 12:00 GMT.

The company is also listed on the Toronto exchange.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.908s - 140pq - 2rq
Subscribe Now