On Air Perspective Phil Gawne | Noon - 1:00pm

Island firm in gold deal

A Manx-based gold mining company has sold its assets in Romania for around $20 million.

Romaltyn Limited, based in Victoria Road in Douglas, owns a gold treatment plant and three exploration licenses through subsidiaries.

Its gold treatment plant has a capacity of 2.5 million tonnes of ore and tailings a year, but is currently out of operation.

Kazakhstan’s SAT & Company will buy the licences and facility and it’s thought the deal will be signed by the end of the summer.

Romaltyn is owned by Russian firm Polyus Gold, which has the world’s third largest gold reserves.

More from Isle of Man Business