Panthera Resources cashes out of German mine asset


Panthera Resources PLC (LON:PAT) has agreed a GBP1.17mln deal to sell its interest in the Tellerhauser Underground Mine in Saxony, Germany.

The agreement sees the company sell its 9.7mln shares in Anglo Saxony Mining Limited (ASM) at a price of 12p per share, in return for a cash payment.

Panthera reported the stake in ASM was valued at 8 cents per share in its last accounts.

READ: Panthera advances West African gold projects

Net proceeds from the sale will be used to accelerate the company’s activities in West Africa.

“Panthera has shared a long history with ASM having initially been involved in securing the licence and then retaining a minority stake in the company,” said Mark Bolton, Panthera chief executive.

“In ASM’s lead-up to the planned IPO we have taken the opportunity to dispose of this non-core asset and reallocate the funds to our highly prospective gold portfolio in West Africa, which are the focus of our current operational activity.”

He added: “Importantly, the US$1.64mln cash proceeds further strengthen Panthera’s balance sheet and will allow us to accelerate our operational activity without the need for further shareholder dilution from the issue of additional shares.”


Please enter your comment!
Please enter your name here