MinMet in agreement with South American mining company

ISEQ-listed gold mining and exploration company MinMet plc has signed an agreement with Gold Fields Latin America

Gold Fields will transfer its 50% participating interest in its Dominican Republic joint venture to Wellington Cove Explorations, in exchange for an equity position in Wellington.

In addition, Gold Fields will invest Canadian$860,000 (€516,800) in Wellington on a private placement basis.

The joint venture is currently a 50-50 arrangement between Gold Fields and MinMet's wholly-owned subsidiary, Exploration & Discovery Latin America (Panama) Inc ('E&D').

As announced on March 31, E&D is being spun off by MinMet and acquired by Wellington.