Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Xtract Resources setting its house in order with focus on Manica

Xtract has now withdrawn funding from its South American operation to focus on the Manica gold project in Mozambique
Xtract Resources setting its house in order with focus on Manica
Xtract is now focussing on gold in Africa

Xtract Resources PLC (LON:XTR) has cut corporate overheads from £1.61 mln per year to just £650,000, following the appointment of Colin Bird as executive chairman.

That development ties in with the cessation of what the company called “severe financial haemorrhaging” from its support of mining at the Chepica copper project in Chile, which has now been withdrawn.

All told, Xtract’s finances are gradually being put in order, although there remain outstanding a loan and what’s known as a standby equity distribution agreement (SEDA) with YA Global, otherwise known as Yorkville.

These have now been secured against Xtract’s Manica gold project in Mozambique, which itself remains subject to ongoing negotiations regarding a bid for the project which came in in 2015.

Xtract has now appointed mining consultants Minxcon to complete open pit optimisation modelling at Manica. Meanwhile, the social element of the environmental impact study has also commenced.

“Our focus now is on the Manica mine to determine the capital expenditure required against the optimum technical plan and therefore restore certainty to the Company,” said Bird. 

View full XTR profile View Profile

Xtract Resources PLC Timeline

Newswire
December 06 2017

Related Articles

1505939625_cobalt-on-periodic-table-2.jpg
September 20 2017
Cruz is cashed up and exploring across a range of properties in the US and Canada..
Royal Road Minerals' Nicaraguan ambitions starting to take shape
September 06 2017
Caza, which it has now bought, controlled land in the highly prospective but undeveloped gold belts of Nicaragua
Silver City Minerals' Chris Torrey with investors at Proactive's CEO Sessions
October 06 2017
Chris Torrey discussed the company at Proactive's CEO Sessions.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use