Empire Metals- Gold Miner in Georgia- Becomes the Largest Shareholder of Palladium in Australia
Empire Metals, a gold miner in Georgia, has become a major shareholder in Palladium, Australia's largest but unopened mine.
The company announced a deal with Artemis Resources. Under the agreement, the company acquired a 41% stake in Munni Palladium, a field in Western Australia, and has the right to refuse a 29% stake in the project in the future.
After the mine is opened, gold, platinum, palladium and rhodium will be mined.
It is noteworthy that palladium is rarely mined and is currently one of the most expensive metals. It costs $ 2,000 per ounce, while the Rodium costs $ 7,500.
Empire Metals Limited announced the name change in February, having previously operated under the name Georgian Mining Corporation. The company has licenses to search for and extract gold and copper in Georgia.
The name change reflects the company’s development strategy and is expected to combine investment and new jurisdiction projects.
According to the company, it recently received approval from the National Mining Agency to exploit two mines - in Kvemo Bolnisi and Damblud. Empire Metals Limited owns 50% of these deposits.
However, despite these achievements, the company says it has faced a number of challenges in Georgia over the past 18 months, which is why the Board of Directors is actively evaluating new assets that will increase the value of their portfolio.
The company has previously said the agency is seeking the return of several licensed areas, which the company categorically disagrees with and has appealed, but due to COVID-19, the decision has been delayed.
As a reminder, Empire Metals Limited and Caucasian Mining Group are partners in Copper & Gold with a 50-50% stake and are searching for gold in the Tetiani Belt license area in Bolnisi.
It is already known that the Caucasus Mining Group has found a serious supply of gold in one of the districts of the Bektakari mine in the Bolnisi ore field.
According to experts, this is a promising and interesting area where a considerable amount of gold can be mined.