Geopacific’s mine purchase terms amended

An Australian mining firm exploring a significant copper and gold deposit in northern Cambodia has reached an agreement with the tenement’s former owner to amend the terms of its 2013 acquisition of the project, it said this week. Geopacific Resources Ltd said in an announcement to the ASX that the project’s vendor, Hong Kong-listed investment firm Golden Resources Development International Ltd (GRDI), agreed to reschedule the remaining purchase payment.

In 2013, Geopacific and its local joint venture partner the Royal Group signed a purchase agreement to acquire full ownership of the Kou Sa project from South Korean-controlled GRDI. Under the terms of the agreement, Geopacific was scheduled to pay $14 million to GRDI by the end of January 2015 to exercise its option of acquiring the project.

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