Monarch's Minjar sale to close in days 19-February-09 by Rebecca Lawson
Administrators for Monarch Gold Mining say the Minjar gold project is likely to be sold within the next few days as a mixture of local and overseas parties express interests in other assets.
A spokesperson for Pitcher Partners told WA Business News that the sale process is "very well progressed" with administrators liaising with a couple of parties, which have not been named.
She said a deal to sell the project will be settled with one party.
Monarch, which went into administration in July last year, had signed a heads of agreement to sell Minjar to Aard Metals and Energy for $11 million however that deal fell through.
The spokesperson would not disclose how much Minjar will be sold for.
Additionally, the sale of Monarch's other assets including the Davyhurst operation and the Mt Ida underground mine are progressing with indicative offer submissions due to close on February 27.
The spokesperson said the higher gold price had helped progress the sale process of the assets, with a mixture of local and overseas parties interested in the projects.
The spot price of gold was up $US6.80 to $US980.10 at noon today.
Final offers for the assets close in March and it is anticipated deals will be finalised by the end of June.
MON Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
