Friday, 15th October 2004 (2422 views)

The sale of key assets of Western Australia based mining company Sons of Gwalia is to be speeded up.

Two leading investment banks have now been hired in an effort push the sale of AUS$500 million-plus gold and tantalum assets, according to Dow Jones.

Macquarie Bank will advise on the gold assets and "it is expected the gold assets will be offered for sale in the very near future" with "all the options available" being explored.

Gwalia was one of Australia's biggest gold producers and went into administration near the end of August.

A number of parties are interested in the assets, and it is thought the gold mines will be sold relatively quickly.

Among the interested companies are South Africa's Durban Roodepoort Deep and Perth-based mineral sands producer Iluka Resources.

 

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