Triple Plate Junction
Full Triple Plate Junction profile here
Triple Plate Junction Plc is an AIM-listed company which explores for gold in Papua New Guinea and Vietnam. Its more advanced projects are in Papua New Guinea, where it has joint ventures with Newmont, Barrick, Gold Anomaly and Newcrest – some of the world’s largest gold companies
Triple Plate Junction opts for maintaining carried interest in Crater Mountain gold project
Friday, January 27, 2012 by Andre Lamberti
Triple Plate Junction (LON:TPJ) has decided not to participate in future funding of the Crater Mountain gold project in Papua New Guinea and reduce its stake to a 10 per cent free carried interest, held together with Celtic Minerals.
The company has informed majority owner Gold Anomaly (ASX:GOA) of its plans. The reduced stake will be carried through to the completion of a bankable feasibility study.
Triple Plate has also settled the previously flagged dispute with Celtic Minerals over the size of their respective shares in the Crater Mountain interest.
Triple Plate will hold 8 percentage points and Celtic Minerals 2 percentage points of the carried interest. Arbitration proceedings will stop and each party is paying its own costs.
Regarding the decision to reduce the Crater Mountain interest, the group said that while the drilling results from the property produced some promising results, they were not viewed as sufficient to justify Triple Plate contributing the amounts of money needed to fund the future drilling programme, which is budgeted to amount to a total in excess of AS$3.6 million to end June 2012 alone.
Chief executive Fraser McGee said: "I am pleased that we have been able to resolve our dispute with Celtic; the facts relating to this arose many years ago, and nobody currently connected with either company has any direct knowledge of them.
“While we believe that the Crater Mountain project has potential to deliver real value for the company, the results so far have shown that moving to a free-carried undilutable 8 per cent interest will enable us to retain value without significant capital expenditure."
No investment advice
The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
