AEX Gold deploys mining consultant to conduct assessment
AEX Gold (LON:AEXG) today informed its investors that the company is making significant progress as it reviews the development plan of the Nalunaq project.
Following a decision to postpone development while lockdown measures remained in place, the AIM-listed company announced that following a consultation with shareholders, there was a high degree of support for the decision made by the board.
AEX Gold also said that it deployed Ausenco, the mining consultant, to conduct a thorough, independent, review of all technical aspects of the mine development.
Once the review is complete, the board will better understand the necessary plans and scheduling, allowing the company to bring a revised plan back to its shareholders.
Included in the revised plan would be the issue of costs and further capital requirements, in addition to an outline of how the company can manage them. AEX Gold also said in its statement that it would report its new plan to investors as soon as reasonably practicable.
Eldur Olafsson, chief executive of AEX Gold, addressed shareholders further, reiterating his desire earn returns from the company’s assets.
“I am very conscious that our shareholders are keen for an update on our Nalunaq development plan, and especially our capital position, in light of our last announcement on 10 February. I am pleased to be able to report that significant progress is underway, with multiple workstreams involving the Board, the executive team, third party providers and our external advisors.”
“We continue to focus all our efforts on the very tangible and valuable prize of our wider portfolio in Greenland and of Nalunaq in particular. I am extremely grateful for the support shown recently by so many of our significant shareholders, and on behalf of the Board would like to strongly reiterate our determination to realise the maximum possible value from our significant portfolio of assets.”