JOHANNESBURG (miningweekly.com) – Aim-listed Stratex International on Wednesday reported that it was nearing the completion of a review of its 85%-owned Dalafin gold exploration project, in Senegal.
The company and its Senegalese partner, Energy and Mining Corporation, have concluded a significant in-country cost reduction initiative and will be jointly defining a strategic approach to funding and progressing the planned exploration programme.
Meanwhile, the company has resumed “positive and constructive discussions” with Bahar Madencilik, its Turkish conglomerate partner in the Altintepe gold mine, in Turkey, in which it holds a 45% stake.
In February, the miner reported that it was considering taking steps to start receiving its share of revenue from the mine. Stratex should receive 20% of net cash generated by the project until the capital invested by Bahar Madencilik, has been repaid, after which its share will rise to 45%.
“We are confident that we are now in a position to achieve a successful outcome in relation to the joint venture relationship at the mine, in particular the due cash distributions to the company. The discussions between the [companies] are currently ongoing,” Stratex said in a statement on Wednesday.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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