Kurs & Likviditet
Beskrivning
Land | Storbritannien |
---|---|
Lista | OB Standard |
Sektor | Råvaror |
Industri | Gruvdrift & metaller |
2016-12-20 08:00:01
Avocet Mining PLC ("Avocet" or "the Company") confirms that at 17.30 on 19 October 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).