LIBERTY Mining’s operations in Cambodia will continue as normal despite being sold to as yet unnamed Canadian investors, Managing Director Richard Stanger said yesterday.
ASX-listed Transol announced in March the sale of its Liberty subsidiary, which operates joint mining exploration ventures with Canada-based Prairie Pacific Mining at four sites in Ratanakkiri province, to “non-related Canadian private interests” in a cash and stock deal. The deal’s due diligence was announced completed last week.
But the ownership change has not resulted in a strategy shift.
“There won’t be any change at all. It’s business as usual,” said Stanger yesterday, which included “continuing exploration in the field and looking for resources.”
He said Transol’s sale of Liberty was a question of being fit for the Australian conglomerate.
Transol focuses mainly on the technology business, meaning “mining and exploration doesn’t really fit in the strategy at the moment,” he said.
“It’s a good move. Liberty will be fully funded and going forward it will be focused on mining exploration in Cambodia,” he said.
Stanger also serves as President of the Cambodian Association for Mining and Exploration Companies, which represents more than 20 industry players presently operating in the Kingdom.
CAMEC, which received approval in February 2010, is in an ongoing process of consultation with government officials over a variety of issues.