MARCH 2 (Reuters) – First Uranium Corp said
it would sell two assets in South Africa for $405 million, as
the gold and uranium miner scrambles to liquidate itself to pay
off its debts.
The company will sell Mine Waste Solutions, a tailings
recovery project, to South Africa-based AngloGold Ashanti Ltd
for $335 million in cash.
First Uranium also said it would sell its stake in First
Uranium Ltd, which owns the Ezulwini Mining Co, to Australian
miner Gold One International Ltd for $70 million.
Gold One will also provide a $10 million loan facility to
First Uranium.
The company said it is moving ahead with plans to liquidate
the company and will use the proceeds to pay its securityholders
and shareholders.
Shares of the Toronto-based company were up 3 percent at 17
Canadian cents on Friday on the Toronto Stock Exchange.
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