New interest in New Britain projects

COPPERMOLY has appointed Odyssey Capital Partners as an advisor to restore full ownership of the three projects in Papua New Guinea which Barrick Gold earned majority stakes in early this year but which it now plans to divest.
New interest in New Britain projects New interest in New Britain projects New interest in New Britain projects New interest in New Britain projects New interest in New Britain projects

Barrick spent $A20 million to earn 72% stakes of the Nakru, Talelumas and Simuku projects from Coppermoly in PNG's New Britain Island by early January.

In June the mining major decided to pull the pin by launching a sales process to divest the assets.

Yet Coppermoly's move to appoint Odyssey has the potential to bring in another big player.

"The company in conjunction with Odyssey is currently reviewing expressions of interest from parties that have expressed a wish to participate," Coppermoly said.

"Odyssey will manage the negotiations and any resultant transactions, with the process already having commenced.

"The company is very pleased to have engaged the services of Odyssey and anticipates a successful and timely outcome."

Coppermoly shares are unchanged at 2.7c.

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