Manica sale nears completion - Auroch
PERTH (miningweekly.com) – ASX-listed junior Auroch Minerals on Friday said that it was advancing the sale of its Manica gold project, in Mozambique, after buyer Xtract Resources paid a $698 968 bill to the Mozambique government.
The payment was made to settle a capital gains tax that was payable on the completion of the Manica sale.
Xtract in 2015 agreed to pay $10-million for the project, which was expected to require an initial capital investment of about $28.4-million, with underground development expected to cost a further $14.8-million.
The project had a Joint Ore Reserves Committee-compliant resource of 900 000 oz, and was capable of generating revenues of $55-million a year at steady-state production, delivering about 50 000 oz/y of gold at a cash cost of $650/oz.
Auroch said on Friday that the two companies were working with the relevant Mozambican regulatory bodies to complete the sale of the Manica asset, following the finalisation of the Mines Department approval, which was expected shortly.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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