Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Rose Petroleum says Mexico disposal is imminent, allows buyer to start operations

Rose agreed to let Magellan Gold Corporation start toll-milling operations at SDA as completion is now deemed ‘imminent’ as a commercial opportunity has arisen
Gold and dollars
US$900,000 has now been placed in escrow

Rose Petroleum PLC (LON:ROSE) has told investors that its disposal of the SDA Mill gold operation in Mexico is now nearing completion and it has struck an interim agreement with the buyer, allowing operations to restart at the project.

The company said that the final major item required for closing, a restructuring of Mexican ownership of SDA,  is at an advanced stage and it due to be in place later this month.

READ: Rose Petroleum confident sale of Mexico mill will complete in next few weeks

It agreed to let Magellan Gold Corporation start toll-milling operations at SDA because the completion was now deemed ‘imminent’ and because a commercial opportunity had arisen for the project – it is now treating 100 tons of third party ore per day.

As a result of the interim deal, Magellan agreed to place the US$900,000 total cash consideration for SDA into escrow.

READ: Rose Petroleum completes Utah seismic programme

Mathew Idiens, Rose chief executive, said: "As we near completion of the disposal, we are encouraged by the commitment shown by both parties with the interim milling agreement, allowing for operations to recommence at the SDA mill and Magellan taking on a fully operational business at completion. We look forward to updating the market shortly on progress."

View full ROSE profile View Profile

Rose Petroleum PLC Timeline

Related Articles

oil and gas operations
April 19 2018
The first two potential new wells will be drilled in around 45 days, and investors will be keen to see the results
The project site in Greenland
March 22 2018
Kvanefjeld is forecast to be the largest producer of key rare earth elements for electric vehicles.
Green energy
April 10 2018
PowerHouse Energy has been busy over the past year, establishing its demonstration plant in the UK, signing deals to develop a hydrogen bus, and even trialling its technology in Qatar ahead of the 2022 FIFA World Cup

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 2018

Proactive Investors 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