https://www.miningweekly.com

Phosphate Australia divests WA gold asset

29th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Junior Phosphate Australia has sold its Tuckanarra gold project, in Western Australia, to Canadian miner Monument Mining for A$3.9-milllion.

The transaction would include a A$2-million cash payment and 10-million shares in Monument Mining, valued at about A$1.9-million.

Phosphate Australia told shareholders on Friday that the sale of the asset was an "excellent" outcome for the company and would represent a substantial boost to the cash backing of Phosphate Australia as it opened a number of options to the company going forward.

The junior intended to use the cash component of the sale for potential future acquisitions, exploration and general working capital.

The Tuckanarra project has an inferred resource of more than two-million tonnes, grading 1.55 g/t gold for 100 700 oz of gold. The project has previously produced some 125 000 oz of gold.

Edited by Creamer Media Reporter

Comments

Latest News

The combined entity will have a leading portfolio of tier-one assets, focused on iron-ore, metallurgical coal and future facing commodities, including potash and copper.
BHP makes £31bn offer for Anglo American
Updated 6 hours ago By: Mariaan Webb

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

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







sq:4.571 4.612s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: