24 Jan Midweek Takeaway with Colin Bird, Executive Chairman of Xtract Resources (AIM:XTR) #XTR

Phil Carroll and Kevin Hornsby are joined by Colin after the company announced the proposed disposal of the Manica Gold Project in Mozambique. The Manica Gold Project, held by the company’s subsidiary Explorator, includes gold deposits, both hard rock and alluvial. Due to challenging market conditions for junior exploration companies, the company intends to sell the Manica Gold Project for up to $15 million and Xtract will also receive US$3.325 million in cash to settle all outstanding payments owed by MMP to Xtract with $2m already paid and terminate the mining collaboration agreement. The proceeds will be used to accelerate existing copper projects in Zambia and explore new opportunities in Southern Africa. Overall, the company aims to sell the Manica Gold Project to mitigate risks and allocate resources to more promising projects in copper and other metals.