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Nyota Minerals sells interest in Philippine coal project

04 February 2010

Mining group Nyota has sold its 8% minority contributing interest in the Philippine Daguma coal project for US$1.7 million to a private company in the country.

Proceeds from the sale of the non-core asset have been earmarked for developing the company’s promising Ethiopian Tulu Kapi gold project.

Nyota first signalled its intention to stop funding the Daguma project back in October 2008 when the company was still called Dwyka Resources and its main project focus was the Muremera nickel project in Burundi. Since then it has acquired Minerva Resources and refocused its attention on expanding the maiden JORC resource estimate of 690,000 ounces at Tulu Kapi.

Today’s sale means the company has completed its strategy to exit from the Philippines and now has no Philippine situated project interest.

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Mining

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