PERTH (miningweekly.com) – Junior explorer Aurora Minerals was on the hunt for acquisition opportunities and has appointed Miro Advisors to assist with screening possible targets.
The ASX-listed company told shareholders that it was looking for advanced resources projects that demonstrated robust margins where the company’s cash reserves could make a meaningful contribution.
The company would focus mostly on precious metals, base metals, coal and manganese projects.
“The continuing decline of equity valuations for the vast majority of junior resource companies listed on the ASX, as well as other international exchanges, combined with the increasingly scarce availability of new equity capital to fund resource projects, places Aurora - with in excess of A$10-million in net cash - in a strong position to accelerate its acquisition strategy,” said MD Martin Pyle.
He noted that the company’s acquisition strategy had already borne success, with its partly owned subsidiary Desert Mines and Metals recently acquiring a controlling interest in the Daehwa molybdenum/tungsten project, in South Korea.
The company was also maintaining an active exploration programme around its own Gascyone exploration acreage, in Western Australia.