CEO Comments13 Oct 2016 08:23
Cameron Parry, Kolar Gold CEO, commented: "This is a defining deal that sees Kolar secure commercial and operational rights to highly attractive gold assets in Finland, providing exposure to a second jurisdiction, a cornerstone objective of the Company's corporate strategy, whilst we concurrently progress our interests in India.
"Our new JV partners are well known to us and I am very pleased to have the opportunity to work with them again. It is particularly exciting that we now have the potential to generate cashflow from one of our Finland targets next year, helping achieve Kolar's fundamental business objective to build value, generate cashflow and mitigate risk.
"Through this MOU, Kolar and its JV partner, shall jointly operate a new Finland-incorporated subsidiary company, of which, following completion of our minimum commitment for equity, Kolar shall own 28.3% with the option to increase to 50% by the middle of next year, just prior to the planned first gold production through bulk sampling."