Ramelius gets new terms for Vivien buy
PERTH (miningweekly.com) – ASX-listed gold miner Ramelius Resources has renegotiated terms for the acquisition of the Vivien gold project from fellow gold miner Gold Fields.
Ramelius signed a sales agreement in October 2012, for A$10-million in cash and a production royalty.
The gold miner said on Tuesday that it would still acquire the Vivien project for A$10-million, of which A$500 000 had already been paid.
However, the two parties have now agreed that Ramelius would make a two-staged payment of A$5-million, initially on or before the end of October this year, while the balance of A$4.5-million would be paid at the end of June next year.
Ramelius would have access to the Vivien tenements for exploration purposes, once it had completed the first tranche payment. The company said that it would start an infill and extensional drilling programme at Vivien as soon as possible.
The Vivien project has a current indicated mineral resource of 579 000 t at 8.3 /t gold for 154 000 oz of contained gold.
Meanwhile, Ramelius has also agreed to place some 25-million new ordinary shares, at 20c each, to Sprott Asset Management, to raise A$5-million. The funds would be used towards finalising the acquisition of the Vivien project.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation














