- Aus Tin Mining (ANW) will pursue other divestment options after the sale agreement for the Granville Tin Mine fell through
- ANW had signed a heads of agreement with Ten Mining for the sale of the Tasmanian mine back in April
- Ten Mining was set to pay Aus Tin a $365,000 consideration, plus $635,000 for existing environmental bonding commitments by June 2 to finalise the sale
- A 30-day extension was granted but Ten Mining still failed to stump up the cash, meaning the exclusivity of the contract has now lapsed
- The company is now pursuing other deals to offload the Granville Mine
- Aus Tin Mining is trading grey at Friday’s close, with shares priced at 0.1 cents each
Aus Tin Mining (ANW) will pursue other divestment options after the sale agreement for the Granville Tin Mine fell through.
The deal
ANW had signed a heads of agreement with Ten Mining for the sale of the Tasmanian mine back in April.
Ten Mining was set to pay Aus Tin a $365,000 consideration plus $635,000 for existing environmental bonding commitments by June 2 to finalise the sale.
Ten Mining was granted a 30-day extension to the terms but still failed to stump up the cash, meaning the exclusivity of the contract has now lapsed.
The way forward
Aus Tin says the company still believes in the value of tin as a commodity, and will retain its Taronga Tin Project in northern NSW.
ANW is, however, seeking to diversify its portfolio. The company has signed a farm-in agreement to earn up to 51 per cent of three exploration licenses in the Lachlan Fold Belt in New South Wales which show promise for copper porphyry targets.
Aus Tin is still seeking to divest itself of the Granville Mine, and will pursue other potential deals.
The company says it will update the market in due course.
Aus Tin Mining is trading grey at Friday’s close, with shares priced at 0.1 cents each.