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Wanguo to dispose of Regional, Near Mine projects

Wanguo International Mining Group Ltd. said subsidiary Wanguo Australia agreed to dispose of its Regional and Near Mine projects to Huanyu Engineering for 5.0 million Chinese yuan.

Exploration at the two projects has been suspended since June 2017. According to a March 8 release, the company has spent about 12.0 million yuan for exploration on the two projects, including a refundable environmental deposit of about 1.3 million yuan.

The deal is expected to complete within 90 days.

Wanguo expects to record a loss on disposal of about 5.7 million yuan after deducting the sales proceeds and refundable environmental deposit.

The company said the decision to offload the assets was due to their prospectivity and profitability being lower than the Walege project in Tibet and the Gold Ridge project in the Solomon Islands.

Wanguo recently terminated a joint venture to mine, process and sell limestone products in China, deciding against developing the mine due to a lack of geological information and proper legal title.

As of March 8, US$1 was equivalent to 6.34 Chinese yuan.