JOHANNESBURG (miningweekly.com) - Gold mining and exploration company Avocet Mining has sold its wholly-owned Norwegian subsidiary Wega Mining and certain intercompany receivables to Natholmen for $400 000 in cash.
The sale forms part of a larger restructuring effort involving its overdue loans totalling $28.8-million to creditor Manchester Securities.
Avocet said on Friday that negotiations with Manchester regarding the restructuring of its overdue loans were continuing. In this context, the firm said it was taking all practicable actions to minimise its costs and streamline its remaining responsibilities, activities and group structure.
In February, Avocet completed the sale of its Burkina Faso assets, including the Inata mine.