Strandline completes Mt Gunson sale
PERTH (miningweekly.com) – Mineral sands developer Strandline Resources has completed the sale of its Mt Gunson copper project, in South Australia, to its joint venture partner Torrens Mining.
Strandline in December last year signed an agreement with Torrens to divest of Mt Gunson for A$1.2-million in cash and four-million Torrens ordinary shares.
Strandline would receive an initial A$200 000 cash payment, along with the four-million shares, at the completion of the transaction, with a further A$1-million payable once Torrens made a formal decision to mine.
If, prior to a decision to mine, the project was listed on the ASX or sold to a third party, then A$250 000 of the deferred cash consideration would become payable within 60 days and the remaining amount of the deferred cash consideration would convert to a 2% net smelter royalty, capped at A$1.25-million.
“We are very pleased to have successfully concluded the sale of the Mt Gunson project, which has delivered upfront cash for the company and allows our management team to focus on our core business of advancing our highly prized Tanzanian mineral sands assets, while retaining exposure to the emerging Mt Gunson copper/cobalt production story,” said Strandline MD Tom Eadie.
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