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Wishbone Gold surges on Honduras gold mining venture

Shares in trading group Wishbone Gold plc rose 20% as it unveiled a new joint venture aimed at tapping gold mining in Honduras.
Wishbone Gold surges on Honduras gold mining venture
The venture will provide equipment to small mines in Honduras to enable them to increase production

Shares in trading group Wishbone Gold PLC (LON:WSBN) rose 20% as it unveiled a new joint venture aimed at tapping gold mining in Honduras.

Subsidiary Wishbone Gold Honduras Ltd has inked the 30 - year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

WATCH: Honduras venture a "huge opportunity", says CEO ...

READ - Wishbone Gold ready to reverse gently into gold supply

The venture will provide equipment and expertise to small mines in Honduras to enable them to increase production.

In return, the mines will supply Wishbone's trading subsidiary Black Sand FZE with all the output at preferential prices.

Chief executive at Wishbone Richard Poulden said: "Working with SION in this way implements Wishbone Gold's strategy of reverse integration into the small mining sector around the world.

"This secures supply and increases margins," he added.

WATCH - Wishbone Gold has a great future, says Poulden

The aim is to recover each investment within a year, said Wishbone. After that,  the margin remains shared equally with SION.

The mines receive higher sales and higher profits. Wishbone and SION obtain security of supply at preferential prices and the Honduran government is guaranteed that all taxes will be paid by the mines, the firm added.

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Wishbone Gold PLC Timeline

Newswire
February 12 2018

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