Angus & Ross strike gold

Lincolnshire-based exploration and mining company Angus & Ross Plc (A&R) has agreed to acquire Greenland-based Nalunaq Gold Mine (NGM) from Crew Gold Corporation for $1.5 million (£1.02 million).  


Lincolnshire-based exploration and mining company Angus & Ross Plc (A&R) has agreed to acquire Greenland-based Nalunaq Gold Mine (NGM) from Crew Gold Corporation for $1.5 million (£1.02 million).  

Lincolnshire-based exploration and mining company Angus & Ross Plc (A&R) has agreed to acquire Greenland-based Nalunaq Gold Mine (NGM) from Crew Gold Corporation for $1.5 million (£1.02 million).  
 
The Nalunaq mine is currently closed and is being run on a care and maintenance basis. For the 12 months to 31 December 2007, NGM recorded a loss before tax of some DKK95 million (£11.5 million). A&R is planning to restart mine production in the third quarter of 2009.

CEO Nicholas Hall commented: “The opportunity to acquire the Nalunaq gold mine represents an excellent opportunity for A&R to establish near-term positive cash flow.”

In the year ended 29 February 2009, A&R reported a loss from continuing operations of £4.3 million.

The deal is subject to the provision of finance and is expected to close by the end of April.
 

Nick Britton

Lexus Ernser

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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