cash is king

Balamara Seeks to Sell or Find Partner for Montenegro Zinc Mine

June 25 (Bloomberg) -- Balamara Resources Ltd. is seeking to sell, or enlist a joint venture partner to help fund, its Monty zinc project in Montenegro.

“Finding a home, as a joint venture or sale, for Monty will probably be more attractive then taking it into production ourselves,” Managing Director Mike Ralston said. “We’ve been in discussions with a couple of people. There’s certainly some interest from some of the European zinc producers.”

Balamara is developing the mine to produce zinc, silver and lead at a cost of about A$35 million ($35 million), with output scheduled to begin in the first half of 2014, Ralston said. It’s also seeking to develop a Polish lead, copper and silver mine.

“I would love to sell it and take a big lick of cash,” he said. “The more likely scenario is someone would come in and spend a whole lot of money putting it into production for us.”

To contact the reporter on this story: Thomas Biesheuvel in London at
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To contact the editor responsible for this story: John Viljoen at
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