Mine gets Chinese backing

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

Relevant offers

Industries

Collapsed firm Mainzeal owes $120 million to creditors, legal proceedings continue against firm directors How they make it: Carpet making at Cavalier New World Little Garden Trade Me auction hits $200 ASB manager's 'sxy' dismissal unfair - but he was the author of his own misfortune Sales Concepts pleads guilty to false Christmas delivery promise Air France workers on trial over ripping off bosses' shirts Gough family forced to cut rent on Christchurch heritage building Airways going global with its air traffic control training Amy Adams warns telecommunications firms about customer service BMW and Charge Net to create 'electric highway' in NZ by 2018

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