Bastion to cut costs in Chile
PERTH (miningweekly.com) – Junior Bastion Minerals has unveiled cost-saving initiatives in Chile amid its talks with fellow-listed Hot Chili regarding the acquisition of the Cometa copper project.
The two companies in late August signed a binding letter of intent (LoI) giving Hot Chili the option to acquire the Cometa project, which is near Hot Chili’s own Costa Fuego copper/gold project.
Cometa consists of exploration and mining concessions covering approximately 56 km2 in an area located approximately 15 km southeast of Costa Fuego’s planned operating centre and contiguous with Hot Chili’s landholdings in the region.
Hot Chili has 60 days in which to conduct a due diligence on the project and to enter into a definitive option agreement, and has a 30-month period in which to exercise the option.
Bastion on Wednesday said that the company would rationalise employment contracts for operating staff in Chile while Hot Chili conducted its due diligence exploration activities, which could result in yearly savings of around A$700 000.
“Following the recent binding LoI to divest our Cometa copper project to Hot Chili for up to $3.3-million, the board believes it is prudent capital management to now manage its Chilean operations solely via consultants which will significantly reduce the current expenses incurred by our in-country permanent staff,” said Bastion executive chairperson Ross Landles.
“We remain focused on creating value for our shareholders, and we are confident that the best way forward is to concentrate our efforts and our funds towards exploring our Canadian lithium portfolio, and our rare earth element project in Sweden.”
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation