West Perth-based Herald Resources Ltd is looking to sell up to 29 per cent of its Dairi zinc-lead project in Indonesia.
West Perth-based Herald Resources Ltd is looking to sell up to 29 per cent of its Dairi zinc-lead project in Indonesia.
The company, which is 84 per cent controlled by Indonesian company Bumi Resources, said it is seeking project funding and entering into an off-take agreement in exchange for the sale.
However, Herald said it is prepared to consider alternative structures for the sale.
Theproject was the centrepiece of a drawn out takeover battle between Bumi and Chinese-Indonesian consortium Antam-Zhongjin that ended in July this year.
Herald reported an increased net loss for the 2008 financial year of $10.8 million compared to the previous year, with expenses impacted primarily by costs associated with the takeover.
At the end of the year, the company reported it had $28.3 million in cash and cash equivalents.
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