Perseus Mining (ASX:PRU) announced the strategic divestment of its 70% interest in the Meyas Sand Project located in Sudan.
The gold miner signed a share purchase agreement to sell the asset to Hong Kong Matrix Golden Fortune Mining, a subsidiary of the Matrix Group.
The total cash consideration for the transaction is US$260 million, consisting of an initial US$10 million deposit already received upon signing, with the remaining US$250 million balance scheduled for payment on April 22.
The decision follows a comprehensive internal review of development and divestment options for the MSGP, which Perseus originally acquired through its purchase of Orca Gold in 2022.
By exiting the Sudanese project on an "as is, where is" basis, Perseus expects to recover its initial purchase price and all subsequent project expenditures, ultimately booking a gain on the sale.
The transaction is backed by a guarantee from Lygend Investment, the ultimate parent entity of the Matrix Group, which holds mining and nickel production interests across Central Asia and Africa.
Management indicated that the influx of capital will further bolster Perseus' already robust balance sheet, providing the flexibility to fund existing development opportunities and potentially facilitate additional capital returns to shareholders.