COG:CC - Condor Gold hoping to conclude sale of La India in the new year
(NewsDirect)
Condor Gold PLC CEO Mark Child providesThomas Warner from Proactive with an update on the company'sefforts to sell its La India Gold Project in Nicaragua. The updatefollows news that Condor Chairman Jim Mellon has invested £1 millionto extend the company's financial runway in support of a saleprocess that he still describes as "impressive".
Despite active discussions with potentialbuyers, including eight companies under non-disclosure agreements(NDAs) and three site visits, a final sale agreement has not beenreached, primarily due to pricing considerations.
Child emphasises the company'scommitment to maximising shareholder value and outlined his currentengagements in Nicaragua, including meetings with the Chinese Embassy.He acknowledges the geopolitical challenges associated with operatingin Nicaragua, particularly due to U.S. sanctions, but stressed thegovernment's supportive stance towards mining and thecountry's stability compared to other regions.
The CEO alsodiscussed Condor Gold's alternative strategies, includingsmaller-scale operations and a pilot plant, but the board currentlyprefers to sell the assets. He pointed out the project's economicviability, citing the feasibility study's projection of 80,000 to250,000 ounces of gold per year at a cost significantly lower than thegold price. Child remains optimistic about the project's future,expecting increased interest in 2024 due to favourable gold markettrends and potential mergers and acquisitions in thesector.
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