PERTH (miningweekly.com) – ASX-listed Metallica Minerals has divested some of its noncore limestone assets, in Queensland.
The junior on Thursday announced that it had agreed to sell four of its granted mining leases covering the Ootann limestone tenements, as well as the associated quarrying equipment to a private firm in a deal valued at A$500 000.
The mining leases are located about 180 km south-west of Cairns and are held by Metallica subsidiary Phoenix Lime. Metallica acquired the Ootann limestone operation about eight years ago, primarily to supply lime to the proposed Sconi project. However, as this project is on hold pending a joint venture or other funding source, the Ootann limestone project is now considered a noncore asset.
Metallica told shareholders that the company had received indicative and nonbinding expressions of interest for several of its other limestone projects near Townsville and Gladstone, which were also considered noncore.