Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Vancouver’s Monument Mining (TSX-V:MMY) has entered into an agreement to purchase 100% of the Tuckanarra gold project in Western Australia from Phosphate Australia Limited.
Monument will pay AUD$2,000,000 (worth about CAD$2,037,000) in cash and the issue of 10,000 Monument common shares with a deemed value of CAD$0.25 pershare.
The project, which is located in the Murchison Mining District about 900 kilometres north of Perth, covers almost 100 square kilometers.
Monument owns the Selinsing gold mine in Malaysia and is in the exploration phase for other projects in both that country and Australia.
The deal is subject to acceptance by the TSX Venture Exchange.
