Tropicana sale on the cards - Bradford
PERTH (miningweekly.com) – The MD and CEO of metals miner Independence Group, Peter Bradford, on Tuesday again raised the possible sale or demerger of the company’s 30% interest in the Tropicana gold mine, in Western Australia.
Independence last month launched a strategic review into its interest in Tropicana, which it owns in a venture with South Africa's AngloGold Ashanti, after receiving unsolicited approaches from a number of parties.
Bradford told delegates at the Paydirt Nickel conference, in Perth, that the review was aimed at better communicating the value of the asset, as the company was of the belief that its current share price did not accurately reflect the value of Tropicana.
“At its heart, we want to be able to better communicate the compelling narrative for this asset to the market, and to get the value for Tropicana reflected in our stock price, because I don’t believe its truly reflected today.
“And if we have completed the technical element of this strategic review and put that compelling value proposition to the market, and we still don’t see it reflected in our stock price, we will look at other opportunities to deliver that value to shareholders, either by divestment or demerger,” Bradford said.
Independence’s share of gold sales from Tropicana reached 141 169 oz during the 2020 financial year.
Commercial production was recently declared at the Boston Shaker underground mine at Tropicana and ramp-up to reach design production of 1.1-million tonnes a year is expected to be achieved by March next year. The underground operation is expected to contribute some 100 000 oz/y once fully ramped up.
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