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FIRB approves Focus Sun's investment in CuDeco

12th June 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The Australian Foreign Investment Review Board (FIRB) has given its approval for Chinese investment group Focus Sun Holdings to take an 18% shareholding in ASX-listed CuDeco.

In May this year, the two companies struck a deal that would result in a A$50-million capital injection to complete the Rocklands project, in Queensland.

Under the terms of the agreement, some 40-million shares would be issued at a price of A$1.25 each, to raise the capital. The funds would be received in two tranches, with the first tranche of A$5-million already received.

The second tranche of A$45-million was payable on FIRB and CuDeco shareholder approval.

The capital raised would be sufficient to complete capital works at the $300-million Rocklands mineral processing facility, and to provide the company with sufficient working capital to satisfy the listing requirements for the Hong Kong Stock Exchange.

Edited by Creamer Media Reporter

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