Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Glass Earth Gold to take control of Hauraki JV with Newmont

Glass Earth Gold to take control of Hauraki JV with Newmont, shrink share base

By Suze Metherell

March 20 (BusinessDesk) – Gold explorer Glass Earth Gold will take full management and funding control of gold explorations at its Hauraki joint venture with Newmont Mining as it restructures to make the project its sole focus and consolidate its stock as it mulls refinancing options.

The changes will see Glass Earth take control of the drilling and development of the WKP joint venture’s gold resources near Waihi, spending up to $730,245 on exploration by October next year. The company then has the potential to boost its 35 percent stake up to 51 percent at a rate of $200,000 spending for every 1 percent.

Colorado-based miner Newmont has the option to keep its 49 percent or can claw back control to 65 percent at a premium of $600,000 of project spending for every 1 percent. Newmont has a further option of expanding its stake through further funding.

“This joint venture is a critical working relationship that governs our key asset,” said Thomas Rabone, chief executive of the gold explorer. “Having the ability to manage WKP’s development, with the opportunity to grow our own stake, offers a fundamental change to our shareholders and a clear path forward for the company.”

The company expects to have a preliminary economic assessment of the project by June next year.

Glass Earth has restructured to make the joint venture its sole concern, abandoning its Neavesville prospect in the Waikato after slow progress in negotiations with land owners.

The company is consolidating shares, on a 10-to-one basis and re-naming as Antipodes Gold as part of the restructure.

The shares were unchanged at 15 cents and have declined 89 percent over the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news