PERTH (miningweekly.com) – Junior Pure Alumina has extended the sales process for its Hill End gold assets, which were put up for sale earlier this year, to allow bidders to secure funding.
The company in June this year announced its decision to test the market for its gold assets, choosing to focus its attention on its high purity alumina assets.
Since then, the company has received several offers for the Hill End assets. However, Pure said on Thursday that the offers were subject to financing.
The company noted that since the sales process started, the financial markets have deteriorated, making it more difficult for potential buyers to raise money. As a result, it was taking longer than expected to complete the sale.
Pure added, however, that the bidders have advised the company that they remained confident in their abilities to finalise funding.
Pure earlier this month flagged a possible merger with Canada’s Polar Sapphire, which is currently producing high purity alumina at its pilot plant in Toronto.