News blog
Central China Goldfields / Obtala Resources
- BY: Andrew Hore |
- POSTED: 28/10/2009 |
Obtala Resources continues to add to its stake in Central China Goldfields.
In the past two weeks Obtala has increased its stake in CCG from 9.34% to 11.13%.
Shares in CCG have fallen back in the past fortnight. At 2.75p a share, down 0.25p on the day, CCG is valued at £5.04m. The Obtala share price has also slipped back. At 19.5p a share, Obtala is valued at £37.6m.
CCG is effectively a shell having sold its main project in China and it says that it is looking for a “flagship project” which it can help to develop over a 12-18 month period. The focus is on south east Asia, outside of China, but CCG will consider other regions – “our preference is for stable, mining-friendly jurisdictions”. The focus will be on gold, copper and ferrous metals.
The £6.6m of cash proceeds – before tax - from the sale of its Nimu copper project could take six months to be released. The first of three instalments - RMB21.3m (£1.95m) - was paid in August. CCG would like to acquire a new project as quickly as possible but the availability of the cash.
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