Thomson Resources (ASX: TMZ) has entered into a binding agreement with private company, Warwick Gold Holdings Pty Ltd (WGH) pursuant to which WGH will acquire the Texas Project in Queensland and all its assets from Thomson.
The consideration to be paid to Thomson will be approximately A$3.5M.
“This is the start of Thomson’s disposal of non-core projects to ensure that its resources are focused on the key development project of the New England Fold Belt Hub and Spoke silver- gold-base metal project (NEFBHS),” Executive Chairman, David Williams, said.
“Texas was identified in the recent Central Processing Pathway Study as not satisfying the techno-economic evaluation and hence became non-core to the NEFBHS strategy. That, coupled with the high operational costs associated with holding the Project, particularly the water management costs associated with the three consecutive La Nina weather events, meant it became a high priority to dispose of the Texas Project.
“In WGH, we have found a group who are very enthusiastic with this area and accessing the processing facilities at Texas. This is a good outcome for the site that has proven problematic for a number of operators, but WGH come to this with quite a different strategy.
“We look forward to with working with the Purchaser to provide a seamless transition of the site to them and to continue to work with them going forward on matters where there are mutual benefits.”
The Texas Project comprises two Mining Leases (MLs) and 7 Exploration Permits – Minerals (EPMs) and various assets. The Project is located eight km east of the township of Texas in Queensland, approximately 10km from the border with New South Wales (NSW).
General Restructure of Thomson Projects
In light of the findings from a recent NEFBHS Central Processing Pathway Study) and the positive outcome of that Study, the Board is now focused on dealing with the non-core projects.
The Texas Project sale is the first of these divestments. The Board continues discussions with interested third parties regarding the divestment of the other projects.
In the case of the Lachlan Fold Belt Project, subject to any divestment proposal providing equal or better value for shareholders, it is the Board’s present intent in early 2023 to commence obtaining the necessary approvals for the demerger of the Lachlan Fold Belt, with the intent that all shares that Thomson may receive from such demerger, would be fully subject to a distribution in specie to Thomson shareholders. Further details will be provided in 2023.
For further information please visit: https://www.thomsonresources.com.au/
