OZ takes Renaissance scrip for cash

11 September 2013
The West Australian
Concessions / Economy and commerce / Extractive Industries / Extractive industries policy and administration / Gold / Industrial mining / Investment / Land / Minerals and mineral products / Mining / Public land lease / Trade / Trade policy and regulation
Okvau / oz minerals / Renaissance Minerals

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
http://au.news.yahoo.com/thewest/business/a/-/wa/18874668/oz-takes-renaissance-scrip-for-cash/