19 April 2024
19 April 2024
Keen to diversify away from diamonds and crude oil, Angola is hoping to attract new foreign investment to develop its vast untapped mineral wealth.
The deal, valued at $37m (A$57.4m), involves Strickland Metals paying $750,000 in cash and issuing around 379.77 million shares.
As per the term sheet, Hanrine can acquire up to an 80% ownership stake in the Linderos project by investing up to $120m (A$186.59).
The Lucy Creek tenement early-stage exploration project covers an area of 791.64km².
The contracts were given to SMS, Metso and Ausenco to advance facilities for nickel and stainless steel production.
As a result of the 4B shaft’s closure, 65 employees and 54 contractors have been retrenched.
Proceeds are earmarked for a substantial exploration campaign at Dalgaranga in 2024/25.
The acquisition increases the Munro-Croesus Property by 32%, bringing the total area to 9,235 hectares (ha).
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