OZ takes Renaissance scrip for cash

OZ Minerals has emerged with 16 per cent of Cambodia-focused Renaissance Minerals after agreeing to push back a deal that could have forced the gold explorer to stump up a $10 million payment on its Okvau deposit in the South-East Asian nation. Renaissance’s purchase of the project from OZ in May last year included agreement for a milestone payment of $10 million once the explorer defined a 1.25 million ounce resource at Okvau. … Yesterday, Renaissance said OZ had agreed to push back the milestone payment until the company made a firm decision to build a mine at Okvau. The decision frees the company from the looming $10 million payment and allows Renaissance to get back to the business of drilling out the deposit when Cambodia’s wet season ends in the new few months. …

The West Australian News Staff