- White Cliff Minerals (WCN) agrees to sell subsidiary Abraxis Mining in an all-cash deal
- The move aligns with the company’s strategy to optimise its project portfolio
- The agreement includes upfront cash payment and future instalments
- White Cliff aims to position itself for opportunities in the growing metals sector related to power generation and distribution
- White Cliff Minerals last traded at 0.8 cents
White Cliff Minerals (WCN) has entered into an all-cash transaction to sell one of its subsidiaries, Abraxis Mining, located in the Pilbara of Western Australia.
This move is part of the company’s strategic efforts to optimise its project portfolio.
White Cliff recently conducted an assessment of various projects within its international network and is strategically repositioning itself to capitalise on the potential growth in metals related to power generation and distribution.
The sale of Abraxis was finalised with Gold Geological Consulting. The key terms of the agreement include an upfront payment of $20,000, with an additional $180,000 to be paid within two weeks from the execution of the agreement.
Additionally, both parties will enter into a deed of assignment for the one per cent net smelter return (NSR) granted to the original vendors of Abraxis.
“We are working to position ourselves in front of what we believe is the upcoming wave in metals associated with power generation and power distribution,” WCN Executive Chairman Roderick McIllree said.
White Cliff Minerals was last traded at 0.8 cents.