4th Jul 2018 11:28
LONDON (Alliance News) - Africa-focused precious metals miner Cradle Arc PLC said on Wednesday it has disposed of its non core assets in Burkina Faso, held by its subsidiary Societe Miniere de Kerboule SARL for a notional payment of USD1.
The assets are the wholly owned exploration licences of Arae and Gassel-Manere, comprising Keroule Gold Project. The reason for the sale is due to continued exploration work hampered by a deteriorating security situation in the area where armed extremist groups have been operating.
In addition, Cradle Arc has paid USD17,700 to the unnamed purchaser for assuming all ongoing operating costs and the subsidiary's liabilities.
Shares in Cradle Arc were up 6.8% at 6.70 pence on Wednesday.
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