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Energy|Exploration|Financial|Resources
Energy|Exploration|Financial|Resources
energy|exploration|financial|resources

Buru exits MinRes JV

14th August 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Buru Energy has struck a A$5-million deal with the energy arm of ASX-listed Mineral Resources (MinRes), for the sale of its interest in an onshore Carnarvon basin permit and applications.

MinRes will now assume full ownership of exploration permit EP510, and application areas L22-2 and L22-4, after buying Buru’s 15% interest in the joint venture (JV) areas.

Buru said in a statement on Monday that the divestment of the Carnarvon basin interests for an immediate cash payment from its JV partner to provide continued balance sheet strength and allow focus on Rafael, was an appropriate and value-adding transaction.

In line with Buru’s financial framework and priorities, the proceeds from the transaction will be used to progress the execution of the Rafael phased development strategy.

Edited by Creamer Media Reporter

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