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Central China Goldfields

  • BY: Andrew Hore |
  • POSTED: 16/06/2008 |

Payment for the Snow Mountain gold project in central China has been delayed.

The Sichuan Bureau of Metallurgy and Geological Exploration is buying the project from Central China Goldfields but completion has been delayed because of the recent earthquake in Sichuan. Efforts in the region have been focused on the aftermath of the earthquake.

A small upfront payment will be made on 20 June and the rest will be paid when the assets are transferred to their new owner.

CCG announced on 2 April that it had sold its stake in the Snow Mountain gold project to its joint venture partner SBMGE for £2.7m, equivalent to 2.2p a share. There was a £1m profit on the disposal.

The Sichuan Government has approved the disposal and now central government approval is required.

The shares slipped 0.25p to 5.5p.

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