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Kagara administrators hunt for new buyers

16th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The administrators of ASX-listed Kagara have called off the Southern agreement with Lucky Metals, announcing on Monday that new buyers for the Thalanga and Liontown/Waterloo projects would be sought.

In August, the administrators also called off the sale of the Northern Chillagoe project to Lucky Metals, after the buyer failed to meet key milestones of the purchase agreement.

Lucky Metals would have bought the Northern Chillagoe project for A$58.19-million in cash and shares, and the Thalanga and Liontown/Waterloo assets for A$12.8-million in cash and shares.

The administrators explained that it had called off negotiations with Lucky Metals on the Southern agreement, after the two parties failed to reach a commercial resolution.

The administrators would now formally restart the marketing and sales process of the Thalanga and Liontown/Waterloo assets, and were still hunting for a buyer for the Northern Chillagoe project.

Edited by Creamer Media Reporter

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