Amedeo Resources PLC Acquisition of 2.5% stake in Copper Mine (6567U)
January 19 2017 - 11:10AM
UK Regulatory
TIDMAMED
RNS Number : 6567U
Amedeo Resources PLC
19 January 2017
19 January 2017
Amedeo Resources PLC ("Amedeo")
Acquisition of 2.5% stake in Copper Mine
Amedeo is pleased to announce that it has acquired a 2.5% stake
in Ganjine Kani Company ("GKC") for US$500,000, a copper mining
company close to the city of Mashhad in Iran. As part of the
transaction, Amedeo has a 5-year option to acquire a further 5% of
GKC for US$2 million.
GKC is a producing miner. GKC also has the required
infrastructure to produce copper concentrate from ore. To date,
around 1 million tonnes of ore has been extracted by GKC which
contains, on average, 0.9% copper. GKC has three mines.
Iranian studies estimate that the producing mine alone may have
at least 6.5 million tonnes of copper ore with a 0.9% average
copper content. The extent of the ore and its copper content has
yet to be confirmed to international standards.
GKC has been selling copper concentrate into Asia, including
China. MGR Resources PTE Ltd ("MGR"), which trades and brokers iron
ore and in which Amedeo has a 49% stake, intends to work with GKC
to increase GKC's supply of copper into East Asia and China.
Glen Lau, Chief Executive Officer of Amedeo said "We are pleased
to have made this acquisition which will allow MGR to widen the
commodities it trades and brokers and, at the same time, give MGR a
captive supply of copper."
For further information please visit www.amedeoresources.com or
contact:
Enquiries:
Glen Lau Zafar Karim
Chief Executive Officer Executive Director
Amedeo Resources PLC Amedeo Resources PLC
Tel office: +44 20 7583 8304 Tel office: +44 20 7583 8304
Paul Shackleton Elliott Hance
Nominated Adviser & Broker Joint Broker
WH Ireland Beaufort Securities Limited
Tel office: +44 113 394 6600 Tel office: +44 20 7382 8300
Disclosures required under Schedule 4 of the AIM Rules for
Companies
For the year ended 21st March 2016, GKC made a net loss of
US$125,000. The consideration of US$500,000 is being satisfied from
existing resources.
Notes
Amedeo Resources PLC is an investment company whose policy is to
invest principally, but not exclusively, in the resources and
resources infrastructure and asset sectors. Amedeo has a deep and
broad global network and wide contact base in these sectors,
including in East and South East Asia and the Middle East which it
leverages to source and make investments. These sectors exhibit
high growth and are strategically important. Amedeo is a proactive
investor which assists its investee companies to grow by providing
investment, expertise and contacts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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