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Australian minig firm Balamara to divest non-core assets in the Balkans for A$15.2M

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February 19
7:28 AM 2014

Junior mining firm Balamara Resources has entered an agreement to exit its noncore base metal assets situated in the Balkans. The divestment deal is valued at A$15.2 million, according to Creamer Media's Mining Weekly.

On Wednesday, the company posted an announcement saying it had struck a deal with a European group to exit its Monty, RSC, and Varesh projects. The asset sale is part of Balamara's divestment strategy for its non-core properties, the report detailed.

Managing director Mike Ralston explained: "Bringing in a substantial amount of cash is a very positive achievement in the current challenging junior resources market and will greatly assist Balamara in the future by significantly reducing any requirement for further capital raising and dilution."

Ralston also said the divestment sale represented a significant return on investment (ROI) on the three assets. The transaction also allowed Balamara to enhance its focus on it flagship projects, Creamer Media's Mining Weekly reported.

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