Tawana divests of noncore assets
PERTH (miningweekly.com) – ASX-listed Tawana Resources has taken the decision to divest of its noncore assets, including its Kareevlei diamond project, in South Africa, and its Flinders Island diamond project, in Australia.
MD Len Kolff said on Monday that the divestment was part of the company’s ongoing strategy to reduce overheads and to fast-track the development of the Mofe Creek iron-ore project, in Liberia.
“The ongoing divestment of noncore legacy assets will enable Tawana to affect considerable cost and administrative savings and help fast-track its flagship Mofe Creek iron-ore project.”
Kolff noted that Tawana had reached an agreement with BlueRock Diamonds to sell off the Kareevlei project for R4-million, or A$430 0000, in a two-tranche transaction.
The first R3-million would be payable within ten business days, while the outstanding R1-million would be payable on the successful transfer of the mining right.
Meanwhile, Tawana had also entered into an asset sale agreement with Kalyan Resource for its interest in the Flinders Island project, while terminating an agreement with fellow-listed Flinders Mines and Orogenic Exploration.
Tawana has sold its 80% interest in the project for $1, as well as a 2.5% gross revenue royalty on Kalyan’s holding in the event of discovery and commercial production.
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