Teck And Liberty Gold Sell Turkish Project For $55 Million
Cengiz, a Turkish industrial firm, is buying the Halilaga copper-gold porphyry deposit from Liberty Gold and Teck for $55 million.
Announced on Friday, the proceeds will be apportioned 60% to Teck and 40% to Liberty Gold (TSE:LGD) per their interest.
The Halilaga project had a NI 43-101 resource estimate completed in 2012 that showed an open pit operation with an after-tax NPV (7%) of $474 million. Total projected capital cost to develop was about $558.5 million.
Cengiz operates a business with arms in construction, energy, mining, metallurgy, and chemicals and fertilizer.
Liberty Gold said it is focused on its exploration work in Nevada's Great Basin.