Greenland gold mine sells for a tiny fraction of last year's $30m asking price
Sunday 05 July 2009
Angus & Ross, the Aim-listed natural resources company, has bought a gold mine for just 5 per cent of its asking price last year.
In a sign of how hard the recession has hit the commodities market, Angus & Ross will end up paying only $1.5m (£920,000) to Crew Gold Corporation for the Nalunaq gold mine in Greenland.
Nick Hall, the chief executive of Angus & Ross, said: "I'm told that Crew Gold was looking for an offer of around $30m a year ago.
"We're looking for the mine to produce around 30,000 ounces of gold a year. We're not going to be the biggest gold producer in the world, but we're happy to be profitable at that level."
About $1m has already been paid, with the remainder to be transferred at the end of August. The initial amount has been financed through a loan provided by Cyrus Capital Partners.
Angus & Ross closed at 1.88p on Friday, down 6.25 per cent on the start of trading on Monday.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Ian Brady: Moors murderer announces his support for Ukip and the SNP
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Ian Brady: Moors murderer announces his support for Ukip and the SNP
UK weather: Britain braced for snow as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...