Triple Plate Junction sells stake in Papua New Guinea gold project

Triple Plate Junction has agreed to sell its interest in gold exploration project Crater Mountain to operator Gold Anomaly.

Triple Plate Junction has agreed to sell its interest in gold exploration project Crater Mountain to operator Gold Anomaly.

The AIM-listed exploration company will dispose of its 8.0% stake in the Papua New Guinea joint venture for $200,000 in cash.

Gold Anomaly will place the payment in escrow pending the transfer of the interest and approval by the Papua New Guinea government.

Triple Plate Junction will use the cash to fund its operations.

The group will be left with three remaining gold exploration projects in the country - Morobe, Manus Island and Wamum.

The news comes as gold prices register steep falls. Futures plunged more than 9.0% to a two-year low on Monday.

Triple plate shares rose 6.25% to 0.43p at 12:02 Tuesday.

RD

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Why the world’s most important economic data release has unnerved markets
US Economy

Why the world’s most important economic data release has unnerved markets

The US added only 194,000 jobs in September, far shorter than the 500,000 that were expected. John Stepek explains why markets didn't react as they no…
11 Oct 2021