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Pacific Bauxite to divest Solomon Islands projects


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Pacific Bauxite to divest Solomon Islands projects

Pacific Bauxite Ltd. said Dec. 13 that it will dispose of its bauxite projects in the Solomon Islands, including the Nendo and South West New Georgia projects, in order to focus on its Australian assets.

The ASX-listed explorer did not disclose the terms of the transaction.

The move will present lower sovereign risk hurdles, better growth prospects and greater benefits for shareholders, the company said.

Proceeds of the sale will be used to fund its acquisition of a 50% joint venture interest in the 312.6-square kilometer Ebagoola South gold project in Queensland, Australia, from Australian Metals Corp. Pty Ltd.

Miners operating in the South Pacific island nation have been facing increasing difficulties with the government over the past two years.

Pacific Bauxite previously faced legal pushback with the Solomon Islands government over the license governing its Nendo project. Meanwhile, ASX-listed Axiom Mining Ltd. had their foreign investment license revoked in early November, with the country imposing fines on the explorer's units.