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Articles by Tiger Resources
Tiger to sell DRC assets for $US260m
Perth-based Tiger Resources has sold its assets in the Democratic Republic of Congo, including its Kipoi copper project, to a consortium of Chinese investors for $US260 million ($325 million). To read more, please Login or Register below
Tiger signs $23m facility
Copper-focused Tiger Resources has secured a $US18.2 million ($A22.9 million) facility agreement with two of its existing lenders, to fund ongoing work it its Kipoi operation in Africa whilst it pursues recapitalisation plans. Perth-based Tiger said the facility provided interim funding to support its ongoing operations at Kipoi, as well as the development of an updated life of mine plan for the asset, located in the Democratic Republic of Congo.
Metalicity refloats Admiral Bay plan
West Perth-based junior Metalicity is developing a plan to take the Admiral Bay zinc deposit in the Canning Basin to production, two years after the project was bought from the collapsed Kagara Mining. It represents a significant investment for Metalicity, with Kagara previously estimating that it would cost more than $1 billion to get into production.
Western Areas' mill expansion plans back on
Western Areas has reignited plans to upgrade its Cosmic Boy concentrator in the light of interest in nickel in the electric vehicle battery market, with GR Engineering Services to carry out the work. Western said today it would spend $17.5 million on its mill recovery enhancement project, which had been both announced and shelved in 2015. Since that time, Western has invested $6.5 million in long lead items to allow for a quick recommencement of activities when a decision was to be made.
Paladin, Avira deal falls over at final hurdle
Paladin Energy’s planned $US10 million sale of a 30 per cent stake in the Manyingee uranium project to Avira Energy has been thwarted with the latter company unable to secure financing in time. The Manyingee deal was subject to a termination date of March 31, prior to which Avira would need to clear all hoops for the transaction. The Sydney-based company secured Foreign Investment Review Board approval but failed to complete a capital raising by that deadline.
Paladin to take action against JV partner
Uranium miner Paladin Energy says it has commenced arbitration proceedings against its Chinese joint venture partner over complications with its plans to sell a stake in its Langer Heinrich mine. Perth-based Paladin said China National Nuclear Corporation’s request for the uranium miner to determine the fair market value of its 75 per cent stake in Langer Heinrich earlier this month was dependent on CNNC establishing that an ‘event of default’ had occurred under the joint venture agreement.
Perseus secures $US60m facility
West Africa-focused gold miner Perseus Mining has locked in a $US60 million facility agreement with Macquarie Bank to pay off debt and fund ongoing work at its Sissingue and Edikan mines. The facility has been broken into two components, with one being a larger $US40 million facility that Perth-based Perseus will use to finance the completion of development of Sissingue, which has a capex of $US64 million.
Beadell raises $51m for plant upgrades
Gold miner Beadell Resources has rattled the tin for $51 million to pay for plant upgrades and further exploration work at its Tucano mine in Brazil. Perth-based Beadell has raised $46 million through the placement of 159 million shares at 29 cents each, and plans to raise a further $5 million by way of a share purchase plan at the same price as the placement.
Tiger recruits new CEO
Africa-focused Tiger Resources has named Agrimin chairman Brad Sampson as its new chief executive, replacing Michael Griffiths who spent four years in the role. Mr Sampson has a career of international experience as a mining engineer in open cut and underground operations in Southern Africa, Australia and Papua New Guinea. He has served in management roles at Gold Fields and Emperor Mines, and previously held an executive role at Thiess. To read more, please Login or Register below
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