Mine gets Chinese backing

CATHERINE HARRIS
Last updated 14:55 13/12/2013

Relevant offers

Industries

World's southernmost Wendy's to open in Dunedin $300m Albany housing complex launched Foodstuffs keeps mum on Warehouse stake Aotearoa Fisheries launches $30m fleet renewal NZ toothfish exports face boycott in North America Power retailers struggle with complex network pricing Briscoe to open new stores, posts record profit No US listing for Xero this year Workers hurt in Timaru port accident Council looks to capitalise on free trade

Dual-listed junior mining firm New Talisman Gold Mines says it has Chinese backing to kickstart its mining project near Waihi.

New Talisman, formerly Heritage Gold, has signed a heads of agreement with St Albans Pty Ltd, a special purpose vehicle set up by undisclosed Chinese investors to fund a feasibility exercise at the Talisman mine.

The Chinese will inject $10.9 million in return for 65 per cent after costs of all the gold and silver extracted from the pre-feasibility reserves.

The deal is subject to due diligence and New Talisman shareholder approval.

New Talisman's shares were up 36 per cent to 1.5c in mid-afternoon trading.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content