Kurs & Likviditet
Beskrivning
| Land | Storbritannien |
|---|---|
| Lista | OB Standard |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
2016-12-20 09:50:01
The following amendment has been made to the ' Mining
convention signed in respect of Tri-K
'announcement released on Tuesday 20 December at 7am
under RNS No 3251S.
Mining Convention signed on 19 December 2016. All
other details remain unchanged.
The full amended text is shown below.
Avocet Mining PLC ("Avocet" or "the Company") confirms
that at 17.30 on 19 December 2016, a Mining Convention
was signed in Conakry in respect of the Tri-K project
in Guinea by His Excellency Abdoulaye Magassouba,
Minister of Mines and Geology, by His Excellency
Mohamed Lamine Doumbouya, Minister of Budgets, by Imad
Toumi on behalf of Managem SA, and by Jim Wynn on
behalf of Avocet Mining PLC.
The Mining Convention, which remains subject to
ratification by the Guinean National Assembly,
represents the governmental approval of the Tri-K
transaction between Avocet and Managem. Further
details of its contents have been set out in Part VI
of the Circular sent to shareholders on 29 November
2016, a copy of which is available on the Company's
website on www.avocetmining.com
The transaction to divest part of the Tri-K project to
Managem also remains subject to approval by Avocet's
shareholders at a general meeting on 22 December 2016,
after which the Mining Convention will be submitted to
the Guinean National Assembly for ratification. It is
hoped this ratification will be obtained early in
January 2017, although the precise date remains
subject to the parliamentary agenda.
Avocet's shareholder approval, and the ratification by
the Guinean National Assembly, will allow Avocet and
Managem to proceed directly towards achieving "First
Closing", the first stage of the transaction with
Tri-K as described in the announcement of 10 October
2016.
At First Closing, Avocet will transfer 40% of its
interest in the Tri-K project to Managem in return for
a payment of US$4m, and Managem will commence a US$10m
work programme to complete a feasibility study for a
Carbon-in-Leach (CIL) project at the site, targeting a
mineral reserve of 1 million ounces. After the
successful completion of this programme and the
associated feasibility study, which is expected to
take 12 months, Managem will be entitled to increase
its interest in the project to 70% (or 60% if the
reserve is less than 1 million ounces).