Alacer Gold Corp
(ASX:AQG) has agreed to sell its Australian business to a subsidiary of Metals X Limited
(ASX:MLX) for $40 million.
Alacer says Metals X will take ownership from October 1 and has paid a $10 million deposit, which is non-refundable unless the Australian Foreign Investment Review Board rejects the deal.
Alacer will also retain the right to receive up to $2 million of deferred cash payable from La Mancha Resources for the acquisition of Alacer's 49 per cent interest in the Frog's Leg mine in April.
Alacer will keep ownership of some long lead items acquired before the South Kalgoorlie Expansion Project, which have a book value of $7 million.
Alacer CEO Rodney Antal says the sale will allow Alacer to focus on its Turkish operations.
Alacer booked a net loss of $443 million in the first half of fiscal 2013.
