Stonewall gets A$140m offer for subsidiary
PERTH (miningweekly.com) – Gold developer Stonewall Resources has entered into a conditional agreement with China’s Shandong Qixing Iron Tower regarding the possible sale of Stonewall’s subsidiary Stonewall Mining.
The two companies have been in detailed discussions regarding the potential sale of Stonewall Mining, with Shandong saying it would offer a minimum of A$140-million for the subsidiary.
The final pricing would be subject to a number of conditions, including a due diligence, valuation scenarios and approval by the Stonewall board.
“I am delighted that our company has received an offer which recognises the real value in Stonewall Resources, especially considering that Stonewall has only been listed for less than six months,” said CEO Lloyd Birrell.
He noted that while the company had only been listed for a short time, the offer was a positive indication that there was interest in the company in both Australia and Asia, and was a clear indication that as Stonewall transitioned from an explorer to a producer, it was being closely monitored.
“Shandong has recognised the company’s underlying value and potential,” Birrell added.
Stonewall holds a range of prospective assets, most of which were located in South Africa. These included several surface and near-surface gold mineralisations.
The company’s three key projects include the TGME project, the Bosveld project, and the Lucky Draw project, which is located in New South Wales.
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