Daily Washington Insider
  • Business
  • World
  • Science
  • Investing

Daily Washington Insider

  • Business
  • World
  • Science
  • Investing
Investing

Strategy for Cuban Mining Joint Venture

by admin July 1, 2024
July 1, 2024
Strategy for Cuban Mining Joint Venture

Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise that on 28 June 2024 Shareholders of the Cuban joint venture mining company, Minera La Victoria SA, formally adopted previously agreed modifications to the existing Joint Venture Agreement.

The changes to the Agreement will enable the joint venture to pursue a strategy to progressively evolve as a substantial mining company, with minimal future contributions required from Antilles Gold.

The clearly defined pathway for Minera La Victoria to meet its objectives follows:

  • Q4 2024 – Commence construction of the relatively small Nueva Sabana gold- copper mine.
  • Q3 2025 – Complete the DFS for the La Demajagua gold-silver antimony open pit mine.
  • Q4 2025 – Cash flow from the Nueva Sabana mine.
  • Q4 2025 – Sell up to 50% of the La Demajagua project to a mining company with experience in operating a two-stage fluidised-bed roaster similar to the one that will be utilised for oxidising the project’s sulphide ore.
  • Q4 2025 – Commence construction of the La Demajagua mine.
  • Q2 2027 – Cash flow from the La Demajagua mine.

If the joint venture follows this strategy, Antilles Gold’s future contributions to the joint venture will be limited, and the Company could look forward to a distribution from the sale of an effective 25% interest in the La Demajagua project before the end of 2025, and dividends from the Nueva Sabana mine starting in 2026.

Minera La Victoria could also investigate an opportunity to develop a low cost open pit mine in 2026 based on a high grade outcropping gold deposit held by the Company’s Cuban partner, GeoMinera.

Additionally, the joint venture may consider establishing a joint venture with a major copper miner to accelerate exploration and potential development of its porphyry copper properties.

Antilles Gold has been able to assemble an excellent portfolio of development and exploration properties within the joint venture, and is finding GeoMinera to be a pragmatic and supportive partner.

The value and liquidity of the shareholding in Minera La Victoria should continue to increase as the activities of the joint venture progress, and the Company will seek to monetise its investment in Cuba before the end of next year through the proposed partial sale of the La Demajagua project, or the sale of shares in the joint venture company.

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
New Bridging Loan and Termination of Convertible Loan Notes
next post
True North Copper Commences Mining at Wallace North, QLD

You may also like

Silver Price Update: Q1 2025 in Review

April 10, 2025

John Feneck: Key Gold, Silver Price Levels, 10+...

May 13, 2025

Gold Price Hits New Record, Breaking US$3,000 for...

March 15, 2025

Empire Metals Limited to Present at the Metals...

May 4, 2025

Quetzal Copper Announces Closing of Financing

February 28, 2025

Will Rhind: Gold’s “Silent” Price Rise Now Driven...

August 13, 2024

Divesture of Non-US Assets for ~US$9.5M (~A$13.7M) Allowing...

October 2, 2024

Rio Silver Announces Grant of Stock Options

May 8, 2024

Quimbaya Gold and Denarius Metals Partner to Formalize...

May 7, 2025

Scoping Study Demonstrates Low Cost Potential (Replacement)

June 5, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Tartana Drilling to Verify Upgrading of 45,000 Tonne Copper Resource

    • 2

      Magic mushrooms effective for treating depression – study

    • 3

      Lancaster Resources Welcomes Three Highly Experienced Industry Experts to Its Advisory Board

    • 4

      Hong Kong plans to install thousands of surveillance cameras. Critics say it’s more proof the city is moving closer to China

    • 5

      UN experts urge Thailand not to deport dozens of Uyghurs to China where they face ‘real risk of torture’

    Categories

    • Business (1,224)
    • Investing (3,090)
    • Science (605)
    • World (3,677)
    Footer Logo

    Disclaimer: dailywashingtoninsider.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 dailywashingtoninsider.com | All Rights Reserved