JOHANNESBURG (miningweekly.com) – Aim-listed mineral exploration and development company Bezant Resources has entered into a legally binding agreement for the sale of its wholly-owned subsidiaries Ulloa Recursos Naturales to Auvert Mining Group.
Ulloa holds the group’s wholly-owned alluvial platinum and gold licences that are located in the Choco region of Colombia, and associated processing plant, mobile test plant and other mining equipment located in the licence area.
The board said on Thursday that it had considered various strategic options for the Choco project, including project financing, joint venture and disposal opportunities, but concluded that the disposal was in the best interests of shareholders.
Bezant will now pursue a strategy that is focused on building value from its copper/gold assets that are comprised of the Mankayan project, in Philippines and the Eureka project in Argentina.
The total consideration payable by Auvert is, in aggregate, $500 000, of which $450 000 has been paid already.
The proceeds of the disposal will also be used for general working capital purposes, in addition to the copper/gold strategy.
Meanwhile, Bezant is concluding a series of study reviews and site visits across both the Philippines and Argentina copper/gold projects.