https://www.engineeringnews.co.za

Troy exits Casposo mine

25th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Troy Resources has struck a share sale agreement with fellow listed Austral Gold to divest of its remaining 30% interest in the Casposo mine, in Argentina.

Austral would pay $200 000 for the outstanding common shares of Casposo Argentina, a Troy subsidiary which holds the Casposo mine.

Austral acquired an initial 70% interest in the project in 2016 and has been manager and operator of the project since then. The operation was placed on care and maintenance in April this year.

The decision was based on lower than budgeted silver prices and less than expected production in 2018 and 2019, which resulted in the mine operating at a loss and markedly reducing the inventory of mineral reserves of the project.

Austral at the time said that it would increase exploration activities at Casposo with a focus on certain advanced targets, and would explore opportunities to process third party ore from deposits surrounding the mine to position Casposo as a central processing hub and toll treater for local exploration and development companies.

Austral CEO Stabro Kasaneva said that the company was pleased to own 100% of Casposo, and to continue with its exploration programme launched last month.

“We are also assessing opportunities to consolidate surrounding projects and source ore from third parties. All these initiatives are part of our business strategy to consolidate mineral resources with the goal of recommencing mining operations at Casposo.”

Troy CEO Ken Nilsson on Monday said that the company was pleased to have resolved the ownership issue of the Capsoso mine.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

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

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

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:0.051 0.956s - 140pq - 2rq
Subscribe Now