THE BOURSE WHISPERER: Minotaur Exploration has entered into a Sale and Purchase Deed with BHP Billiton Olympic Dam Corporation relating to the sale of five of the former’s exploration tenements in the Gawler Craton in South Australia.
The deal has been struck between Minotaur’s wholly-owned subsidiary Minotaur Operations (MinOps) and BHP Billiton and Billiton Exploration Australia (BEA).
The Agreement covers the sale of Minotaur’s 100 per cent-owned Roxby Downs area tenements to BHP Billiton for cash consideration of $10 million.
Minotaur Exploration tenements in the Roxby Downs region of the Gawler Craton. Source: Company announcement
Under terms of the deal BEA will relinquished its 41 per cent interest in the Mutooroo / Thackaringa Joint Venture at Bonython Hill.
The agreement will also result in Toro Energy and its wholly-owned subsidiary Minotaur Uranium rescinding their rights to uranium minerals in three of the exploration licence areas involved.
Closure of the deal is subject to Ministerial Consent to the renewal and transfer of the tenements.
“The sale allows the company to sharpen its exploration focus on its Cloncurry area IOCG style targets,” Minotaur Exploration said in its ASX announcement.
“Minotaur came to the view that deep exploration of geophysical targets around Roxby Downs, together with access impediments to the Woomera Protected Area, represents a risk profile incompatible with the company’s means and is an undertaking more suited to major exploration enterprises.
“With the net $9.5 million in proceeds Minotaur is well positioned to upscale its attention on its copper-gold exploration prospects around the Ernest Henry, Osborne and Eloise mines near Cloncurry.
“The company also intends to actively seek new opportunities in gold development projects within Australia and invites discussion on joint venture or acquisition proposals.”