Nuheara Sells Mining Assets To Grow Audio Business

Perth based assistive listening company Nuheara has announced the partial sale of its Peru mining assets as it seeks to divest from the resources sector to focus on its audio products.

The divestiture of mining assets was reportedly a stipulation in an abandoned takeover bid by audio giant Harman last month, who pulled out of the deal after learning its name would be disclosed.

The takeover bid had valued the company at A$84 million.

This morning Nuheara announced to the ASX it has sold its mining tenements at Sambalay and Salvador in the south of Peru to Corisur, the Peruvian arm of Canadian gold exploration company Auryn Resources.

Auryn Resources will pay US$250,000 to transfer ownership but will also have to pay royalties in the future.

Nuheara’s chief financial officer Jean-Marie Rudd said the sale will support the development of the company’s upcoming IQbuds Max earphones due to enter production later this year.

“The sale of the mining concessions continues Nuheara’s previously disclosed strategy of divesting mining assets to focus on the company’s core business model in the hearing health space,” said Ms Rudd.

Nuheara still holds mining assets in the north of Peru and in Western Australia, but those are also being marketed for sale.

The company began life as Wild Acre Metals when it first listed on the stock exchange in 2010, before pivoting to audio in 2016.