Xtract Resources has completed the divestiture of its stake in the Manica gold project in Mozambique.
The company had last month agreed to terms for the disposal of its 23% net profit share interest in the project to buyers for up to $15 million.
After the disposal, Xtract continues to function as an operating minerals company by the AIM regulations, with a specific emphasis on its material minerals holdings in two expansive, nascent copper exploration endeavours situated in Zambia and Australia.
Additionally, the transaction resulted in the termination of Xtract's mining collaboration agreement with MMP, its partner in Mozambique.
As a settlement, Xtract will receive $3.3 million in cash.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
