PERTH: Zenith Minerals Limited (ASX: ZNC) announced Tuesday it has agreed to sell its remaining 20% stake in the Kavaklitepe Gold Project in Turkey for approximately $830,000 (US$543,000) as part of a strategic shift to focus on its Australian gold and lithium projects.
The non-binding agreement with Turkish mining company Gübretas Maden is expected to be finalized by the end of June, pending regulatory approvals and definitive agreements. Proceeds from the sale will fund expanded drilling at Zenith’s Dulcie Far North and Red Mountain projects in Australia.
“This divestment aligns with our disciplined approach to portfolio optimization,” said Andrew Smith, Zenith’s managing director. “Our focus is on high-growth opportunities in Australia, where we are advancing promising gold discoveries.”
Zenith acquired its interest in Kavaklitepe in 2013 but has opted to exit the project after Gübretas, which owns the majority stake, secured permits to expand exploration. The company said the sale eliminates future financial obligations tied to the Turkish project.
Zenith is currently drilling at Dulcie Far North, with assay results expected soon. The company also holds exploration assets in Western Australia and Queensland, including lithium projects and a zinc deposit partnership.