Red Mountain exits Philippines

RED Mountain Mining has left the Philippines, selling its 75% interest in the Batangas gold project for less than $A50,000 worth of shares and a 1% net smelter royalty.

  • Staff reporter
  • 05 December 2016
  • 06:33
  • News
Red Mountain exits Philippines The location of the Batangas gold project

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Red Mountain's joint venture partner Bluebird Merchant Ventures is acquiring the 75% stake, in return for 1.25 million shares and the royalty.
 
The deal also sees any future proceeds from a sale of Batangas split 50:50.
 
Bluebird is listed in London, with its shares recently trading at 2.12 pence. Red Mountain, which listed in 2011 after an $A8 million IPO, already holds 6.1 million shares in Bluebird.
 
Red Mountain changed management earlier this year and switched its focus to lithium in Utah.
The new management described the Batangas project as "promising but located in a biologically diverse environment (with) regulatory hurdles ahead of it".

 

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