https://www.miningweekly.com

Renaissance and Oz agree to new milestone payments

10th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed junior Renaissance Minerals has negotiated with fellow-listed Oz Minerals to defer a A$10-million milestone payment on the Okvau gold deposit.

Under the original agreement, Renaissance was required to pay A$10-million in establishing a mineral resource of 1.25-million ounces at Okvau, which was declared in March this year.

However, Oz Minerals has now agreed to accept this payment once a decision to mine has been reached.

In exchange, Oz Minerals would be issued 15.3-million new shares in Renaissance, giving the company a 16% shareholding in the ASX-listed junior.

Renaissance MD Justin Tremain said that the amendment to the terms of the purchase of the Cambodian gold project allowed the company to continue to grow its gold resource at Okvau to ultimately support a large-scale operation.

“The company is well funded, with cash of around A$5-million, and can now continue with its focused exploration programmes and recommence drilling to grow the resource base at Okvau without the possibility of triggering the milestone payment.”

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

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

Showroom

Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 
Iritron
Iritron

Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods 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:0.044 0.759s - 111pq - 2rq
Subscribe Now