PepinNini Lithium has changed direction to prioritise its Australian-based assets after suspending the company’s flagship Salta lithium project in Argentina.
The company recently secured an agreement with Ausmex Mining to acquire the Gilded Rose gold project near Cloncurry in Queensland — and with a board restructure under way, the company aims to take Gilded Rose into production by 2021.
PepinNini’s board change will reflect its transition from a minerals explorer to producer.
Gilded Rose will be sold for $4 million, subject to due diligence that is set to be completed in mid May, along with PepiNini shareholder approval and release of formal transaction documents.
The site has an inactive gold carbon-in-pulp (CIP) processing plant that is designed to process at a capacity of 60,000 tonnes per annum.
PepinNini’s board renewal will see the company seek out a new managing director to guide the Gilded Rose project into operation next year.
The Salta project will continue to be held and maintained by PepinNini with exploration suspended until investor interest improves after COVID-19.
PepinNini Lithium will now revert to its previous name of PepinNini Minerals due to the change in its major focus.