Pan African unveils $54.2m push into Australian gold
PAN African Resources on Tuesday announced the $54.2m acquisition of Tennant Consolidated Mining Group, a privately held company in Australia that owns the Nobles Gold Project, scoped to produce 50,000 ounces a year.“TCMG represents an opportunity to further expand and diversify our near-term low-cost production base and the next phase in the growth trajectory of the Group, in a Tier 1 mining jurisdiction,” said Cobus Loots, CEO of Pan African in an announcement to the JSE.Initial capital development of $35.7m has been estimated for the project taking Pan African’s total investment to $90.2m or about R1.6bn.“The group has been assessing the TCMG portfolio for almost a year, and we are confident that this acquisition complements our strategy of focusing on safe, low-cost gold mining opportunities, with the potential to further grow our business by developing projects that meet our stringent investment criteria,” said Loots.More to come ….The post Pan African unveils $54.2m push into Australian gold appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
