News blog
Stratex International
- BY: Andrew Hore |
- POSTED: 31/01/2013 |
Africa and Turkey-focused explorer Stratex International has set out its new strategy.
Stratex has more than £16.5m in the bank and its two-part strategy is to rapidly develop majority-owned projects and find new opportunities in its areas of regional expertise. Stratex will also be recruiting additional management.
Stratex received $20m for the sale of its 30% stake in Oksut gold project in Turkey and could receive $20m more from a royalty. Spending on existing projects will be similar to last year.
Blackrock (Ethiopia) and 75%-owned Dalafin (Senegal) will be the main focus in Africa. The drilling programmes for the Megenta and Pandora projects in Ethiopia are funded by joint-venture partner Thani Ashanti.
Stratex will continue toseek to find new projects in Turkey. The Altintepe gold project in Turkey will be financed through to production by the joint venture partner.
Other exploration companies are not in such a strong position as Stratex. This will provide opportunities to become involved in more advanced projects where its expertise and a limited amount of cash can have a significant impact on their value.
Longer-term, cash flow from Altintepe could finance the ongoing exploration costs of the business.
At 5.13p a share, Stratex is valued at £24m.
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