Segue revises Emang project sales agreement
PERTH (miningweekly.com) – ASX-listed Segue Resources has amended the terms of the agreement for the sale of its share in the Emang manganese project, in South Africa, to its joint venture partner Emang Mmogo Mining Resources.
In April, Segue reached an agreement with Emang Mmogo to buy Segue’s interest in the project for R22-million, or A$2.35-million. An initial R10-million would have been paid upon shareholder approval, with the remaining funds paid over in two tranches on reaching key milestones.
Under the revised agreement, Emang Mmogo would pay Segue a total purchase consideration of R19.8-million, or A$2.13-million, in one payment, immediately following shareholder approval.
Segue told shareholders that the revised payment terms would allow the company to pay its outstanding loan facilities of A$825 000.
To date, it has spent some A$3.3-million on the Emang manganese project, where a maiden manganese resource of 13.9-million tons, grading 24.6% manganese, has been declared.
Following the completion of the sale, Segues’ assets would consist of a 100% interest in four exploration licences in Western Australia, 12% of ASX-listed White Eagle Resources, and cash on hand of A$1.3-million.
The miner said that it would also be considering new opportunities in the resources sector, with a focus on advanced-stage exploration projects in Australia and Africa.
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