Australian miner Beadell Resources Limited announced on September 22 that it has agreed to sell mining concessions and exploration tenements in the Amapá region of northern Brazil to UK-based miner Anglo Pacific Group plc, for a sum of AU$31.25 million ($29.73 million) in cash.
According to a company statement, completion of the purchase is conditional on finalizing the definitive documentation of the sale and purchase agreement and on the execution of a deed of assignment, assumption and consent by the entities that are parties to the royalty agreement.
Beadell Resources managing director Peter Bowler said "This is an outstanding result for both Anglo Pacific Group plc and Beadell. Our strategy of funding the construction of the CIL Gold Plant at our Tucano project early next year by way of selling non-core assets supplemented with sensible levels of debt is becoming a reality."