Coda sells Mt Piper to Kalamazoo
ASX-listed Coda Minerals has agreed to divest its Mt Piper gold project in central Victoria, to fellow-listed Kalamazoo Resources for a consideration package comprising a combination of upfront cash, shares and a future production royalty.
Mt Piper was inherited by Coda as part of its recently completed acquisition of ASX-listed Torrens Mining, Coda’s minority joint venture partner at its flagship Elizabeth Creek copper project in South Australia.
Following a review of Mt Piper, Coda determined that, despite its prospectivity, pursuing gold exploration in the Victorian goldfields would be off-strategy for the company, which is focused on applying its resources to the continued exploration and development of its core base metals portfolio across South Australia and Queensland.
“The transaction places Mt Piper with an experienced Victorian goldfields operator, which Coda believes is better placed to maximise the future value potential of this under-explored asset,” Coda CEO Chris Stevens said.
Upon the completion of the sale and purchase agreement of Mt Piper, Kalamazoo has agreed to pay Coda a cash consideration of A$300 000, in addition to 1.52-million fully paid ordinary shares in Kalamazoo (escrowed for 12 months); and a 1% net smelter royalty payable on any minerals extracted from the tenements.
Completion of the transaction is subject to limited conditions including ministerial consent.
Stevens confirmed that Coda would now be fully focused on progressing its flagship Elizabeth Creek and Cameron River copper projects.
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