AIM-quoted Ortac Resources has decided to focus exclusively on its high potential African exploration mining assets in the Democratic Republic of Congo and Zambia
This will see Ortac Resources progressing its core gold and copper assets in the Democratic Republic of Congo and Zambia.
Ortac Resources now has significant investments and board representation in respect of both operating companies being Casa Mining and Zamsort.
The board believes the core investments in Casa Mining and Zamsort present the best near term opportunity for Ortac Resources to create value for shareholders, and that this strategy will ensure a new, focused, value-accretive approach going forward.
The board of Ortac Resources has been restructured with Nick von Schirnding taking over as chairman and Brian McMaster joining the board as a non-executive director.
The company continues to explore a number of strategic options with respect to its Slovakia (Kremnica) gold project and will now seek to divest its investment in Eritrea (Andiamo).
In Slovakia, the company is in constructive discussions with a number of parties, both local and international and in the interim, will keep associated expenditures to a minimum.
“We are pleased to be able to set out the parameters of a clear and simple direction for Ortac’s future,” says Ortac Resources chairman, Nick von Schirnding.
“This strategic focus is underpinned by two potentially highly value accretive exploration assets in the DRC and Zambia.
“We believe this is the right direction for us, in order to generate near term value for the Company’s investors and sets a clear path to long term sustainable growth.
“Both of these projects have been substantially de-risked and with near term catalysts are at exciting times in their development.
“We look forward to keeping shareholders updated on progress,” concludes von Schirnding.