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Alacer Targets Decision on Turkey Mine by End of 2014

Updated on

Sept. 24 (Bloomberg) -- Alacer Gold Corp., the producer selling mines in Australia, expects to decide on an expansion at its Copler operation in Turkey by the end of 2014.

The company will select a processing method for mining sulfide ore at Copler by the end of this year, Rodney Antal, chief executive officer of Englewood, Colorado-based Alacer, said in an interview yesterday in Denver.

Alacer is among gold miners selling assets to focus on their most profitable units after bullion slipped into a bear market in April. Antal said the company will focus on its Turkish operations, after yesterday agreeing to sell its Higginsville and South Kalgoorlie mines in Australia for A$40 million ($37.6 million).

“The big one really was the Australian assets being sold,” he said. “The next bit is I think the market really wants us to finish off the sulfide project studies.”

The company will finish a definitive feasibility study on the sulfide project once it selects a processing method, Antal said. It then expects to approve construction of the project.

Alacer rose 1.6 percent to C$3.12 at the close in Toronto. The shares have declined 40 percent this year.

Alacer doesn’t have plans to stop trading its shares on the Australian Stock Exchange after selling its mines in the country, Antal said. That would be “very difficult practically,” because the company has a significant shareholder base on the ASX, he said.

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

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