https://www.miningweekly.com

Gulf continues with divestment plans

9th October 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Gulf Minerals on Thursday announced that it had entered into a sales agreement with joint venture (JV) partner Laramide Resources to divest of its uranium tenements in the Northern Territory.

Gulf told shareholders that an internal review had revealed that the tenement would not support a standalone operation, and to be economically viable, it needed to become part of the contiguous Westmoreland uranium project, owned by Laramide.

A sales price of A$125 000 had been agreed upon.

“This agreement with Laramide enables our focus to be developing our Indonesian manganese alloying project and our manganese exploration in Turkey, to build the company into a fully-integrated global manganese producer,” said Gulf CEO Bruce Morrin.

The Gulf tenements cover some 227 km2 and lie adjacent to the Westmoreland deposit. Laramide had previously held the right to earn a 90% interest in the project by free-carrying Gulf through to the completion of a bankable feasibility study, and obtaining a mine permit.

Laramide said on Thursday that the acquisition of the Gulf tenements was consistent with the company’s long-term strategy to consolidate the prospective tenure around the Westmoreland project on both sides of the Queensland and Northern Territory border.

Gulf recently divested of its 51% interest in its Northern Territory copper exploration tenement to JV partner Redbank Copper, in a deal also valued at A$125 000.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
ECG Engineering
ECG Engineering

ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 0.694s - 110pq - 2rq
Subscribe Now