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

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

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