Magnum sells South African emerald project
PERTH (miningweekly.com) – ASX-listed Mangum Mining and Exploration has struck a deal to divest of its 74% interest in the Gravelotte emerald project, in South Africa, for A$2-million.
Magnum on Thursday announced that it had struck a deal to sell its wholly owned South African subsidiary Gem Venus Holdings, which holds Magnum’s interest in the Gravelotte project, to London-listed URA Holdings. Under the terms of the agreement, URA will acquire the project for A$2-million in cash and £100 000 worth of URA shares.
The cash consideration will be payable in tranches, with the first A$200 000 of the consideration paid for each five-million carats of gemstones produced at Gravelotte, and the sum is payable within 30 days of the date on which the production was determined. Thereafter, the sum of A$200 000 will be payable for each five-million carats of gemstones produced at the project.
Activities at the Gravelotte project remain restricted to care and maintenance and desk stop studies owing to reduced travel and restrictions caused by the Covid-19 pandemic. Magnum says that the divestment of the Gravelotte project will allow the company to remain focused on the Buena Vista project in establishing a green pig iron steelmaking facility in Nevada, in the US.
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