Pan African Resources sells Manica Gold Project
Gold and platinum producer Pan African has agreed to sell its Manica Gold Project to Auroch Minerals Mozambique, a wholly owned subsidiary of Terranova Minerals, to retain its focus on the development of its South African based operating assets.
Gold and platinum producer Pan African has agreed to sell its Manica Gold Project to Auroch Minerals Mozambique, a wholly owned subsidiary of Terranova Minerals, to retain its focus on the development of its South African based operating assets.
The exploration project, which is situated in central Mozambique, was sold for a consideration of AUD 6.0m, equal to around £4.0m, paid in cash and 96.67m Terranova shares in several tranches dependent on the achievement of certain milestones, including resource estimates, the completions of a bankable feasibility study and resources upgrades.
Pan African Chief Executive Officer Jan Nelson said: "The disposal of our Manica exploration project allows us to remain focused on our strategy of the development and growth of our South African based operating assets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Although we are no longer intent on developing exploration projects, we believe that this project and the Auroch executive team have the potential to develop the project into a significant gold producer. We are pleased that through our sizable shareholding, we can maintain an exposure to the Odzi-Mutare-Manica Greenstone Belt's success".
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published