Reynolds selling Aussie gold assets

New York-listed Reynolds Metals has retained a securities firm to help sell its remaining gold mining assets in Australia.

The assets include mines in the Marvel Loch and Southern Cross areas, the Mt. Gibson mine near Dalwallinu (all in Western Australia), and exploration projects in Western Australia and the Northern Territory.

The mines produced about 210,000 oz. gold for Reynolds’ account in 1993, and 103,000 oz. for the first half of 1994.

Earlier this summer Reynolds sold off its subsidiary, Reynolds Australia Metals, which held a 40% interest in the Boddington gold mine in Western Australia. It was sold to a subsidiary of Poseidon Gold.

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