Orosur Mining Inc - South America-focused minerals explorer and developer - Receives approval for its return to 100% ownership of the Anza gold project in Colombia. Its Canadian subsidiary, Waymar Resources Ltd, will purchase all issued shares of joint venture partner Minera Monte Aguila SAS, from its wholly-owned subsidiaries Newmont Corp and Agnico Eagle Mines Ltd. Minera Monte Aguila owned a 51% interest in Anza.
If all buyback rights regarding the negotiations are exercised, the purchase will cost $20 million. Consideration for the acquisition will involve a grant to both Newmont and Agnico of a 0.75% net smelter return royalty on all future mineral production and a fixed royalty of $37.5 per ounce of gold or gold equivalent ounce on the first 200,000 ounces of mineral production.
Orosur aims to begin field activities at Anza as soon as possible.
Current stock price: 3.00 pence, up 13% in London on Thursday afternoon
12-month change: up 50%
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