JOHANNESBURG (miningweekly.com) – ASX-listed bauxite developer Metallica Minerals has completed the sale of its noncore Boyne limestone project, near Gladstone, Queensland, after a private group paid the agreed balance of $900 000.
The private purchaser sought to acquire the two granted mining leases that formed the Boyne project for A$1-million, having paid an initial deposit of $100 000 in November, last year.
CEO Simon Slesarewich noted that receiving the sales funds further reinforced Metallica’s healthy finance position. The company now had a cash balance of about $2.3-million.
“The now completed Boyne transaction follows on from the successful sale of the noncore Star and Ootann limestone projects, both in Queensland, and which delivered $870 000,” he said, adding that Metallica continued to explore options to deliver additional value from other noncore assets.
Slesarewich also noted that Metallica remained focused on delivering sustainable cash flow from the mining of direct shipping bauxite in 2017 at the Urquhart bauxite project, near Weipa, on Queensland’s Cape York.