MARKETS

Gympie gold mine sold

A NEW company associated with Robert Champion de Crespigny is to pay $5.5 million for the Queensland gold mining assets and investments of the failed Gympie Gold.

Michael Quinn
Gympie gold mine sold

Gympie Eldorado Mining, owned by Mizuho International (74.2%), Investec Bank of Australia (12.9%) and Buka Minerals directors de Crespigny, Ron Walker and Mark Carnegie (12.9%), may also assume certain liabilities associated with the Gympie operation with a current book value of around $3.9 million.

Subject to shareholder approval, Buka is to acquire the stake held by the three directors.

According to a statement by Buka, GEM anticipates that the Gympie operations will return to a "listed environment" during 2005.

Gympie Gold went into voluntary administration and receivership following a fire at its 90% owned Southland Colliery in December 2003.

The Gympie Eldorado operation has long been said to have multi-million ounce potential. It currently produces at around 30,000oz per annum.

De Crespigny was Australia's premier gold identity up until Normandy Mining, the company he founded and ran, was taken over by Newmont Mining early in 2002 following a tug-of-war with AngloGold.

MiningNews.net

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.