Oz Minerals Sells M’Kiri Gold Assets
After more than three years of disappointment in its search for large gold deposits in Mondolkiri province, Australian mining firm OZ Minerals has decided to sell its Cambodian assets to another Australian company In a statement to the Australian Stock Exchange, OZ Minerals said that it had sold its gold resource in Mondolkiri Province for AU$17.8 Million, or $19.2 million, to Renaissance Minerals Ltd., and that an additional $24.3 million would be paid to OZ Minerals in the event that Renaissance Minerals actually extracts gold. As part of the deal, OZ Minerals will also purchase $5.4 million worth of shares in Renaissance Minerals, making it the company’s largest shareholder. Simon Marks, p.1
