In July 2014 Southern Arc sold its Taliwang project for US$1.75 million plus a 5% net smelter royalty. The Purchaser can buy back 3% of the NSR by paying Southern Arc US$3 million. To date Southern Arc has received US$1 million of the purchase price, with the remainder to be paid from 40% of gross revenue generated from the project.
The Purchaser has successfully completed and received government approval for an environmental impact statement and feasibility study for the development of small-scale gold mining and processing. The Purchaser has also converted the exploration IUP into an exploitation IUP, securing tenure on the property for a further 20 years.
In December 2014 the Purchaser poured first gold at the property, having successfully commissioned the first of a series of small-scale processing plants (click here for photos). The Purchaser has organized the local artisanal miners into a mining cooperative whereby the ore will be extracted using traditional methods, but will be processed using modern CIP processing plants.
This small-scale mining venture is receiving strong support from local communities and the Ministry of Environment. The mining venture will provide significant employment and economic benefits to local communities, while the use of proper mining and milling techniques will greatly reduce the health, safety and environmental risks associated with traditional mining methods.
Pictures of the Taliwang mining venture are available in the Photo Gallery.
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