JOHANNESBURG (miningweekly.com) – Aim-listed Ortac Resources has set its focus exclusively on its high-potential African exploration mining assets after a board revamp set a strategy review in motion.
The exploration and mine development company aims to fast-track its core gold and copper assets in the Democratic Republic of Congo (DRC) and Zambia, both of which are seen as the best near-term opportunity for Ortac to create value for shareholders.
"We are pleased to be able to set out the parameters of a clear and simple direction for Ortac's future. This strategic focus is underpinned by two potentially highly value-accretive exploration assets in the DRC and Zambia,” newly appointed Ortac chairperson Nick von Schirnding said on Monday.
Ortac now had significant board representation and investments in Casa Mining, which owns the Misisi gold project, in the DRC, and in Zamsort, owner of the Kalaba copper/cobalt project, in Zambia.
Ortac, which recently increased its stake in Casa to 45% and holds an effective 19.35% in Zamsort, explained that both projects had been substantially derisked and with near-term catalysts at “exciting times” in their development.
Meanwhile, Ortac continues to explore a number of strategic options for its gold project in Slovakia, with constructive discussions under way with a number of parties, both local and international.
In the interim, associated expenditures are expected to be kept to a minimum.
The group also plans to exit its investment in Eritrea after reducing its stake in Andiamo Exploration, which owns the Haykota copper/gold project, to 18.5%.