Greenpower Energy will opt out of its involvement in various cobalt, vanadium, and OHD projects to focus on North Queensland gold assets.
The Board of Greenpower have firmly determined its North Queensland assets, including the Big Rush, Golden Cup and Camel Creek gold mines, require full company focus.
The company also announced it will change its name to “Great Northern Minerals” to better reflect its new focus.
“Ahead of the name change to Great Northern Minerals the decision demonstrates our commitment to establish a new goldfield in the North Queensland region and this signals an exciting new era for the company and its shareholders,” Managing Director Cameron McLean said.
Greenpower’s current projects comprise of the Julia Creek Vanadium Project, Ashburton Cobalt Project and the Coals to Liquid OHD Project.
The Julia Creek project is expected to host elevated values of vanadium however, the company intends to forfeit the project entirely.
In relation to the Ashburton project in Western Australia, Greenpower plans to seek potential joint venture partners.
Earlier this year, the company spent months conducting due diligence across the cobalt and vanadium prospects. Following exploration activities however, Greenpower realised the prospects would not deliver the value it thought. As a result, further expenditure would not be worth it.
The OHD Coal to Biostimulant Project will still be of interest to Greenpower as the company continues to engage with prospective suitors to commercialise the innovation.
OHD (Oxidative Hydrothermal Dissolution) is a special method of converting solid biomass into a liquid.
The resulting organic compounds can potentially be useful as a platform chemical for plastics manufacturing like industrial uses, transport fuels, and pharmaceutical and food industry purposes.
The lapse of Greenpower’s agreements will not incur further cost to the company and current funds will be directed towards the three Queensland gold mines.
Greenpower Energy’s shares are unchanged today, trading for 0.1 cent each.
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