FIRB approves sale of Hera project
Wednesday August 26, 2009
Australia’s Foreign Investment Review Board (FIRB) has approved the sale of the Hera project near Nymagee.
YTC Resources announced last week that the board has issued a “notice of non-objection” to its purchase of the Hera project and Nymagee Joint Venture from CBH Resources.
YTC’s managing director Rimas Kairaitis said the company has also received notification from the minority shareholder of the Nymagee Joint Venture, Minerals and Metals Group, that it will not exercise its pre-emptive right leaving YTC free to purchase an 80 per cent interest in the Nymagee tenements.
The sale, announced in June this year, is expected to provide CBH Resources with a cash injection of around $12million to allow preparations for the ramping up of production at its Endeavor Mine, near Cobar.
The sale is also set to provide CBH with an ongoing income, with the terms of the sale agreement giving CBH a five per cent royalty on the value of the first 250,000 ounces of gold doré produced at Hera.
At the time of the sale, YTC announced it hoped to “rapidly progress” the Hera deposit towards development.
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