MinMet to sell off Swedish gold mine

Mining and exploration company MinMet has reached agreement on the sale of its Bjorkdal gold mine in Sweden to Canadian company Gold Ore Resources for $8m (€6.5m).

Gold Ore plan to work with existing local management and employees following the finalisation of the transaction and has indicated that it plans to invest in new exploration drilling to expand the Bjorkdal ore reserve base.

The $8m (€6.5m) sale price comprises $3m (€2.4m) in cash and $5m (€4m) in cash and/or

share equivalent over a five-year period.

Gold Ore intends to complete a due diligence review of the Bjorkdal gold mine within 120 days.