Xtract's Kalenga copper project, in Zambia
Aim-listed Xtract Resources has concluded the disposal of its entire interest in the Manica gold project, in Mozambique.
The company in January agreed terms for the disposal of its 23% net profit share interest in the project to buyers for up to $15-million.
Following the disposal, Xtract remains an operating minerals company under the Aim rules focusing on its material minerals interests in two large-scale, early-stage copper exploration projects in Zambia and Australia.
The sale also entailed the termination of Xtract’s mining collaboration agreement with Mozambique partner MMP, with Xtract due to receive $3.3-million in cash as settlement.