22/02/2019 - 10:30

Talisman plans $29m capital return

22/02/2019 - 10:30

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Talisman Mining has announced a $29 million capital return to shareholders in the form of a 15.625 cent per share dividend, following the sale of the company’s 30 per cent interest in the Springfield copper-gold project located in the Doolgunna region.

Talisman plans $29m capital return
Sandfire acquired Talisman’s 30 per cent stake in Springfield for $72 million.

Talisman Mining has announced a $29 million capital return to shareholders in the form of a 15.625 cent per share dividend, following the sale of the company’s 30 per cent interest in the Springfield copper-gold project.

The capital return follows payment in December of a fully franked special dividend of 6.375 cents per share, which equated to $11.8 million, also from the Springfield sale.

In a statement to the ASX, Talisman said it would retain approximately $13.4 million from the sale to fund active exploration programs at its Lachlan copper-gold project and its Sinclair nickel project.

In June, Sandfire Resources reached an agreement to buy joint venture partner Talisman’s 30 per cent stake in Springfield for $72 million.

The Springfield project is located in the Doolgunna region.

The project is adjacent to Sandfire’s Doolgunna project, which includes its flagship DeGrussa copper mine.

Shares in Talisman were up 2.27 per cent to trade at 22 cents each at 12.40pm AEDT.

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