18th Jan 2017 10:21
LONDON (Alliance News) - Kolar Gold Ltd said Wednesday it intends to rebrand, as the India and Finland-focused exploration company looks to expand its holdings.
AIM-listed Kolar said it is undertaking a review of its name and branding, expected to conclude in February.
In India, Kolar said it is in talks over potentially increasing its current 21% interest in Geomysore Services, which is undertaking an economic feasibility study on its Jonnagiri gold project. Geomysore is currently considering how best to finance the project to become a producing mine by the end of 2018, said Kolar.
Kolar also noted the ongoing development of an Indian online gold trading exchange, in which it has a 50% interest, with the site expected to go live in March.
In Finland, Kolar said it is considering increasing its interest in Kalevala Gold Oy to 50% in the second half of 2017, as Kalevala approaches first gold production from its current licences. Currently Kolar holds a 15% interest in Kalevala, which is set to rise to 28% following a budgeted payment of EUR350,000 in February.
"The company is ready to enter into its next phase, building on the work over the last few months, under a new corporate identity that we look forward to announcing shortly," said Cameron Parry, chief executive officer of Kolar Gold.
"This should be an exciting period for the company as we look to grow our interests on all three fronts and commence revenues this year in two of our divisions, being our Finland gold project and the India-focused fintech platform, and subject to the results of the economic feasibility study, progress development of India's first privately-held gold mine with a view to seeing first production in Q4 2018," added Parry.
Shares in Kolar Gold were up 4.1% at 1.25 pence Wednesday morning.
By Adam Clark; [email protected]
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