PERTH (miningweekly.com) – The Australian Foreign Investment Review Board (FIRB) has approved dual listed Alacer Gold’s sale of various project interests to La Mancha Resources.
Alacer has sold its 49% interest in the Frog’s Leg mine, its 24.5% interest in the Lake Greta joint venture (JV), and its 40% interest in the Avoca JV to La Mancha.
The sale of the assets would allow the company to focus on its core operations and on maximising free cash flow, Alacer had previously said.
The transaction would close on April 5.
After closing of the transaction, the Alacer board of directors was expected to approve a special dividend of some A$70-million.
“The impending closing of the Frog’s Leg sale and finalising the special dividend demonstrates Alacer’s commitment to maximizing portfolio value and returning value to shareholders,” said president and CEO David Quinlivan.