Stratex completes Altintepe disposal

Turkey and Africa-focussed gold exploration and development company Stratex International announced that it completed the disposal of its 45% interest in the Altıntepe Gold Mine in Turkey to its joint venture partners, for an aggregate cash receipt of $8m.

The AIM-traded firm said it received an aggregate amount of $8m in cash, net of any taxes and costs, as consideration for the sale and settlement of liabilities.

Its board said it considered the transaction to be “highly accretive” and fully reflected the inherent value of the group's investment in Altıntepe.

Following completion of the Transaction, the Altıntepe joint venture had terminated, Stratex confirmed.

“This successful transaction marks another positive step in the evolution of Stratex as we pursue our vision of becoming a significant production, development and exploration company,” said CEO Marcus Engelbrecht.

“Whilst the Altınepe Gold Mine has played an important role in the historic growth of the company, the funds released from this sale place Stratex in a strong position with respect to its advancing discussions with other companies with regard to near or in production assets.

“Furthermore, it will enable us to advance those of our exploration projects which we believe have the potential to unlock future value for our shareholders.”