Metallica offloads entire MetroCoal shareholding
JOHANNESBURG (miningweekly.com) – Metallica Minerals announced on Monday that it had sold its entire holding of 64.3-million ordinary shares in MetroCoal at 3.2c a share, for gross proceeds of A$2.06-million.
“The sale of Metallica’s interest in MetroCoal is timely as it provides Metallica with immediate additional funding to focus on our core activities at a time where raising funds remains generally difficult for junior mining companies,” commented Metallica MD Andrew Gillies.
As part of the transaction, Gillies would resign as Metallica’s representative on the MetroCoal board.
The share sale improves Metallica’s cash-in-bank position at September 30 to about $2.5-million, with additional funds of $580 000 expected from a research and development tax offset in November.
Metallica also recently entered into a nickel ores sales and royalty agreement with a privately owned company seeking to mine and extract nickel ore from Metallica’s Dingo Dam mining lease, part of its noncore Lucky Break nickel project directly west of Townsville. This agreement is expected to provide a further $650 000 in the near term.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
















