ABM hunts for noncore asset buyers
PERTH (miningweekly.com) – Gold junior ABM Resources has started the divestment process for its Bonanza project, on the Western Australia/Northern Territory border, as part of its new strategy focusing on the under-explored Tanami gold mining district.
ABM said on Tuesday it would rationalise its portfolio by selling the assets that no longer fitted this strategy, including the Bonanza project. The company last week also flagged divesting the North Arunta project.
ABM said it had started a formal process to invite third-party interest in the Bonanza project, including the resources at Old Pirate and Buccaneer, after it had received several unsolicited expressions of interest.
ABM noted that due diligence was currently under way by a number of companies.
The company plans to use the funding from divesting Buccaneer to expedite exploration at its high-priority projects.
Meanwhile, discussions are under way to form a joint venture at the South Tanami project, with ABM saying that external funding and technical collaboration will allow for the development and testing of earlier-stage targets, while retaining a material interest in any discoveries made.
ABM is hoping that with a partner, the company could bring forward a world-class discovery while progressing its emerging camp style opportunity at the Suplejack deposit.
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