11 JUNE 2013Miningweekly.com
Ord looks to sell-off bauxite interests
Edited by : AL CIRCLE
1 min read
Gold and base metals explorer Ord River on Tuesday announced that it would look to farm-out or divest of its Sarco bauxite and aluminium project, in Laos, in an effort to focus on its gold assets.
The miner told shareholders that it was fully focused on becoming a gold producer within the next three years.
MD Frank Zhu said that consistent with this aim, the company believed it to be in the best interest of shareholders to explore options for its Sarco joint venture with NFC-China, which holds a 51% interest in the company.
The Sarco project has a Joint Ore Reserves Committee compliant resource of some 226-million tonnes over two tenements, and would require a significant capital investment to get to production.
“A divestment of its Sarco interest allows Ord’s management to focus its limited resources on gold exploration in Australia, and on transitioning Ord into a gold producer,” said Zhu.
The company would now work with a corporate adviser to identify and investigate alternatives for the Sarco project.
The miner told shareholders that it was fully focused on becoming a gold producer within the next three years.
MD Frank Zhu said that consistent with this aim, the company believed it to be in the best interest of shareholders to explore options for its Sarco joint venture with NFC-China, which holds a 51% interest in the company.
The Sarco project has a Joint Ore Reserves Committee compliant resource of some 226-million tonnes over two tenements, and would require a significant capital investment to get to production.
“A divestment of its Sarco interest allows Ord’s management to focus its limited resources on gold exploration in Australia, and on transitioning Ord into a gold producer,” said Zhu.
The company would now work with a corporate adviser to identify and investigate alternatives for the Sarco project.
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