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.
The Microsoft mogul told fans a few home truths during his Reddit AMA
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 3 Ball pool for adults opens in London
- 4 Baldness could soon be treated using stem cells, scientists hope
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...