Aziana Limited to dispose of asset

Aziana Limited has been granted an ASX trading halt in relation to a proposed asset disposal.

The company has bauxite, copper and graphite mineral projects in Madagascar as well as working interests in oil and gas exploration and production leases in the Gulf of Mexico offshore Louisiana.

In the September quarter, it received partial sales proceeds of US$285,000 from the sale of minor gold licences.

A further US$562,500 is due to be received in the next six months with the remaining balance of US$427,500 due upon transfer of title.

It also noted an increased interest in Madagascar minerals projects that could result in an acceptable joint venture or sale of minerals projects in the future.

The halt will last until the earlier of the announcement being made or the commencement of trade on Wednesday, 3 December 2014.

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