Cobre makes a move on Metal Tiger's Kalahari exploration vehicle
PERTH (miningweekly.com) – ASX-listed Cobre has struck a share purchase deed with fellow-listed Metal Tiger to acquire take full ownership of the Kalahari Metals (KML) exploration vehicle.
Cobre holds a 51% stake inKML, which controls some 8 595 km2 of tenements within the Kalahari copper belt, in Botswana.The tenement holdings is in close proximity to ASX-listed Sandfire’s T3 and A4 copper deposits.
Under the terms of the agreement struck with Metal Tiger, Cobre would initially acquire a further 24.5% interest in KML for £750 000 in cash, taking its interest in the project to 75.5%.
Metal Tiger will grant Cobre a call option for it to acquire the remaining 24.5% of shares in KML, exercisable for either £750 000 in cash or the equivalent in Cobre shares, for a period of 12 months after completion of the initial acquisition.
“This transaction represents a strategic step for Cobre to fully exploit the exploration potential of KML, which we believe will unlock considerable value for our shareholders,” said executive chairperson and MD Martin Holland.
“We plan to begin drilling immediately under the new ownership structure and believe this renewed focus on our project will provide clarity on delineating value for shareholders. In particular, the results received from our initial exploration program in Botswana have been very encouraging, and we look forward to updating shareholders on our ongoing exploration activities.”
Completion of the transaction is subject to shareholder approval, and an independent expert concluding that the transaction was fair and reasonable to Cobre’s shareholders.
The completion of the acquisition is scheduled for early September.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation