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Xtract Completes Sale of Manica God Project

Xtract Completes Sale of Manica God Project

Aim-listed Xtract Resources has concluded the disposal of its entire interest in the Manica gold project, in Mozambique.

The company in January agreed terms for the disposal of its 23% net profit share interest in the project to buyers for up to $15-million.

Following the disposal, Xtract remains an operating minerals company under the Aim rules focusing on its material minerals interests in two large-scale, early-stage copper exploration projects in Zambia and Australia.

The sale also entailed the termination of Xtract’s mining collaboration agreement with Mozambique partner MMP, with Xtract due to receive $3.3-million in cash as settlement.

Engineering Week

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