18th Jun 2014 08:36
LONDON (Alliance News) - Aurasian Minerals PLC Wednesday said it will make a provision against the GBP500,000 carrying value of its investment in the Manus Island joint venture after partner Newcrest Mining Ltd decided to withdraw from the venture from July 16.
In a statement, Aurasian said the impact of the Newcrest decision, the transfer of the tenements, and "the mechanics of closure" will be discussed at a joint venture meeting to be held on July 31.
"The company will, over the coming weeks, consider what options, if any, exist for these tenements," Aurasian said without giving any further details.
The Manus Island joint venture between Newcrest and Aurasian started in 2011. The project, located in Manus Province of Papua New Guinea, comprises 674 square kilometres containing identified mineralisation, including gold and porphyry copper targets. Aurasian now has a 10.38% interest in the project after Newcrest funded the initial exploration at the project under an earn-in deal.
Aurasian Minerals Shares were down 6.7% at 0.35 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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