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Stratex says talks with Turkish partner over Altintepe cash “highly constructive”

Stratex is having "positive" discussions with joint venture partner about the distribution of cash from its 45%-owned gold mine in Turkey
 Stratex says talks with Turkish partner over Altintepe cash “highly constructive”
Altintepe is now producing gold, and cash

Stratex International plc (LON:STI) has resumed talks with Bahar Madencilik, its joint venture partner at the Altıntepe gold mine in Turkey.

“We are pleased to report our discussions with Bahar have been highly constructive over the last month and we look forward to a positive outcome that will see accretive value to the company,” said chief executive Marcus Engelbrecht.

Stratex owns a 45% interest in Altintepe and is due to receive 20% of net cash from operations until capital expenditure has been repaid, at which point it will be due 45%.

WATCH: Stratex boss "positive" on Turkey jv partner talks

However, in February the company reported that such distributions had yet to take place.

Meanwhile, over at the Dalafin project in Senegal Stratex is nearing completion of an operational review which should result in significant in-country cost reductions, although the company said it remained “committed” to the project.

And in Egypt joint venture vehicle Thani Stratex Resources continues to drill.

Among the best results from the Anbat project are 30.4 metres 1.71 grams per tonne gold, including 0.65 metres at 71.10 grams, and 34.45 metres at 0.54 grams.

 

 

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