Business
Sale of South African Interests and strategic...
Sale of South African Interests and strategic....
About this update from Tamar Minerals Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n7 August 2024TECTONIC GOLD PLC(“Tectonic” or the “Company”)Sale of South African Interests and strategic update\nTectonic Gold plc (TDIM: TTAU), is pleased to announce completion of the divestment of its interest in the South African diamond and heavy minerals projects to joint venture partner, AIM listed Kazera Global PLC (AIM: KZG) (\"Kazera\") and we also provide a strategic update. Highlights: \tSale of 10% residual holdings in Deep Blue Minerals Pty Ltd and Whale Head Minerals Pty Ltd along with the Black Economic Empowerment loan interest for a total consideration of comprising cash of $150K (£117,000) and 27,110,947 Kazera shares\tAustralian copper/gold JV progressing with Amerod Resources (ASX:WEC White Energy Corporation Ltd) preparing to drill copper targets south of Specimen Hill following positive exploration results \tTectonic completing diligence on Western Australian gold acquisition opportunity Tectonic has determined to focus strategically on Australian gold and has divested its remaining interest in the South African diamond and mineral sands JV with Kazera. Tectonic will retain an indirect interest in the South African projects through an equity holding in Kazera. The consideration shares will be subject to a lock in for a period of six months and Kazera expects to have initial production underway within this time. The equity consideration of this transaction is subject to shareholder approval, and the Kazera directors and insiders have provided undertakings to vote in favour of the transaction and on this basis we expect it to be approved. In our Queensland joint venture, White Energy has completed successful exploration work over the first half of the year. Copper targets to the south of the original Specimen Hill gold discovery at Southern Copper, Mt Fane, Bullseye and Mt Walturn have all returned positive results and a drilling program to further delineate these mineralised zones is being prepared. A number of highly prospective Australia gold projects have been evaluated by the team, which has resulted in negotiations to acquire a portfolio of advanced assets in Western Australia. The project consists of shallow lying extensions to historic open pit mines and it also holds a substantial tailings stockpile which testing has shown is suitable for reprocessing. Gol...