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Pin to quick picksXtract Share News (XTR)

Share Price Information for Xtract (XTR)

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Share Price: 5.26
Bid: 5.20
Ask: 5.30
Change: 0.01 (0.19%)
Spread: 0.10 (1.92%)
Open: 5.35
High: 5.26
Low: 5.26
Yest. Close: 5.25
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Xtract Resources Secures Gold Mining Contractor At Mozambique Asset

Tue, 25th Aug 2020 10:26

(Alliance News) - Xtract Resources PLC on Tuesday said a subsidiary in Mozambique has signed a mining contractor agreement at its Boa Esperanza hard rock gold deposit.

Boa Esperanza is located at the Manica mining concession in Mozambique and Longhau Tianci Mining Co Ltd has been appointed to mine the asset for six years, or until the ore body is depleted.

The deal will see Xtract unit Explorator receive 20% of gold output after the settlement of mining production tax.

Explorator will also remit 35% of its share of Boa Esperanza output to Mutapa Mining & Processing Lda, its collaboration partner.

Executive Chair Colin Bird said: "I am pleased to report the conclusion of negotiations and signing of the Boa Esperanza agreement with Longhau. Boa Esperanza has had only limited drilling and as such the contractor plans to open the veins progressively and follow the vein and ore shoot.

"This approach is common to this type of ore body and it is not unusual for mines to still be in production for many years after their original ore estimate."

Xtract shares were 0.4% higher at 1.83 pence each in London on Tuesday morning. The stock was as high as 2.00p earlier on Tuesday.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

Xtract identifies potential extensions to Racecourse resource

(Sharecast News) - Xtract Resources said on Monday that an induced polarisation geophysical survey has identified potential extensions to the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, in the Lachlan Fold Belt of New South Wales, Australia.

Today 09:47

TRADING UPDATES: SIG in good start to 2021; Accsys taps EUR37 million

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IN BRIEF: Xtract Resources Executive Chair Bird buys 1 million shares

IN BRIEF: Xtract Resources Executive Chair Bird buys 1 million shares

19 Apr 21 15:56

Xtract Resources raises GBP5.5 million for copper-gold project drilling

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19 Apr 21 13:25

IN BRIEF: Xtract Resources finishes first phase drilling at Bushranger

IN BRIEF: Xtract Resources finishes first phase drilling at Bushranger

6 Apr 21 17:55

Xtract Resources to begin IP survey at Bushranger

(Sharecast News) - Xtract Resources updated the market on exploration work at the Racecourse mineral resource on the Bushranger copper-gold exploration project in the Lachlan Fold Belt of New South Wales, Australia on Wednesday, reporting that a geophysical crew was on its way to the site.

31 Mar 21 16:33

IN BRIEF: Xtract Resources begins IP study at Bushranger project

IN BRIEF: Xtract Resources begins IP study at Bushranger project

31 Mar 21 12:05

IN BRIEF: Xtract encouraged by reconnaissance drilling at Kalengwa

IN BRIEF: Xtract encouraged by reconnaissance drilling at Kalengwa

29 Mar 21 22:01

IN BRIEF: Xtract Resources reports lower production in final quarter

IN BRIEF: Xtract Resources reports lower production in final quarter

26 Mar 21 17:24

TRADING UPDATES: Arden Partners to return to annual profitability

TRADING UPDATES: Arden Partners to return to annual profitability

24 Mar 21 16:44

IN BRIEF: Xtract Resources to restart drilling in Australia by weekend

IN BRIEF: Xtract Resources to restart drilling in Australia by weekend

23 Mar 21 14:22

TRADING UPDATES: Supermarket Income REIT and Trident raise funds

TRADING UPDATES: Supermarket Income REIT and Trident raise funds

19 Mar 21 11:53

Xtract upbeat on assays from first hole at Racecourse

(Sharecast News) - Xtract Resources said on Friday that laboratory assays had been received from the first drill hole, BRDD-20-001, completed on the phase one diamond drilling programme at the Racecourse Mineral Resource, on the Bushranger copper-gold project, located in the Lachlan Fold Belt of New South Wales, Australia.

19 Mar 21 10:15

IN BRIEF: Xtract completes fifth hole drilling at Racecourse

IN BRIEF: Xtract completes fifth hole drilling at Racecourse

11 Mar 21 21:49

TRADING UPDATES: BATM sells subsidiary; Learning Tech buys getBridge

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1 Mar 21 19:10

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