Leyshon Resources receives cash from Zheng Guang sale ahead of schedule
02 December 2009
Leyshon Resources today said the sale of the Zheng Guang gold project in China had completed several months ahead of schedule with all funds now received.
The company now has over US$44 million in cash of which A$14 million is held in Australia and RMB207 million held in Beijing. It is expected that the RMB will be converted and transferred to Australia within the next few weeks.
The withholding tax of RMB 19 million (US$2.8 million) and the estimated legal, tax and other fees of RMB200,000 (US$30,000) were considerably lower than previously estimated and, apart from the withholding tax, there have been no funds withheld for any reason.
Leyshon agreed the sale of its 70% stake in the Zheng Guang project back in September. It had been developing the project in Heilongjiang since 2003 as part of a joint venture with the Qiqiha'er Brigade of the Heilongjiang BGMR. However, the project was dogged by a protracted permitting process that ultimately forced Leyson to consider a sale. The buyer was Heilongjiang Heilong Mining Company Ltd.
Today, the company said it intended to carry-out a previously advised on market share buy-back. It added that it was pleased with the deal flow it had received to date and was actively working on a number of potential investment opportunities which have the potential to fit its investment criteria.
Managing director Paul Atherley commented: “Following the overwhelming shareholder support for the divestment and proposed investing policy we intend to draw on our six years' experience in China to identify projects located in those countries and commodities which are of interest to Chinese groups.”
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