- Write by:
-
Friday, May 1, 2020 - 8:00:00 PM
-
711 Visit
-
Print
Mining News Pro - Junior Kopore Metals has inked a binding agreement with a subsidiary of fellow listed Sandfire Resources to divest of its Namibian exploration assets.
According to Mining News Pro - Sandfire, through its subsidiary Metal Capital Exploration, would purchase 100% of the issued capital in Trans Kalahari Copper Namibia, which holds exploration properties in Namibia.
Sandfire would pay an initial A$1-million in cash and A$1-million in shares to Kapore, with additional consideration payable once Sandfire reached a decision to mine.
A A$1.5-million amount would become payable if an ore reserve of more than 300 000 t of copper, but less than 500 000 t of copper is defined before a decision to mine, while a A$3.5-million consideration would be payable if an ore reserve of more than 500 000 t of copper is defined.
Kapore told shareholders on Friday that the transaction with Sandfire provided the company with certainty of funding in the current challenging markets, and allowed Kopore to move ahead with planning its next explorationprogramme in Botswana, where its still retains 14 prospecting licenses.
“The transaction with Sandfire allows Kopore to move forward with sufficient capital and avoid excessive shareholder dilution at current share prices. Funding Kopore’s large prospective land holding while maintaining the company’s capital structure required some lateral thinking,” said Kopore MD Simon Jackson.
“We think this transaction provides our shareholders with the best of both worlds with zero dilution.
“Namibian exploration is in the capable hands of one of the largest land holders in the Kalahari Copper Belt, with Kopore shareholders remaining exposed to the upside of a future discovery and mine development. Kopore retains its 8 126 km2 land holding in Botswana, with multiple highly prospective and under explored targets.”
Short Link:
https://www.miningnews.ir/En/News/522619
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
No comments have been posted yet ...