18.2 C
Belgrade
Supported byspot_img
spot_img

Vast Resources Selected for Aprelevka Gold Mines Development in Central Asia

Member of Europium Groupspot_img
Supported byspot_img

Vast Resources an AIM-listed mining company with projects in Europe, Tajikistan, and Zimbabwe, noted the completion of a previously announced transaction regarding Aprelevka Gold Mines. In October 2023, Vast signed an MoU on behalf of Bay Square Pacific (owned by its strategic partner in Tajkistian) with Central Asian Minerals and Resources (CAMR), under which Bay Square was to acquire the entire share capital of Gulf International Minerals.

Gulf has a 49% interest in a joint venture with the government of Tajikistan (owning 51%) in the Tajik-Canadian company Aprelevka. Aprelevka holds 4 active mining licences along the Tien Shan Belt that extends through Central Asia, currently producing c. 11,600oz of gold and 116,000 oz of silver per year. Today, Vast announced the completion of the transaction, whereby Vast will manage and develop the Aprelevka Gold Mines on behalf of the owners. Funding required to carry out the intended development at the mines will be facilitated by Bay Square under an interest-free loan.

For its participation, Vast will receive 10% of earnings before interest and tax that Gulf receives from its 49% interest in Aprelevka. Vast will be entitled to a right of first refusal to convert its earnings into an equity interest of 10% in Gulf at any time from 1 January 2025 to 15 January 2027, as well as a right to acquire at market price up to a further 20% of shares in Gulf at any time during the same period.

Supported by

 

Source: Vox Markets

 

Supported byElevatePR Digital

Related News

Mali signs lithium mining agreement with Ganfeng, eyes revenue boost

Earlier this week, Mali's economy minister announced a significant deal with China's Ganfeng Lithium regarding the operation of the Goulamina lithium mine. Under the...

IEA analysis calls for greater investment despite 2023 drop in clean energy mineral prices

Prices for key minerals used in clean energy technologies fell in 2023 as supply outpaced demand, easing pressure on the market. However, a new...

EQ Resources surpasses production records despite cyclone challenges

Despite recovering from the impact of cyclone Jasper, EQ Resources (EQR) celebrates a milestone in tungsten production at its Mount Carbine mine in Queensland....

Argentina’s mining resilience: Overcoming economic challenges to maintain investment allure

Argentina stands out as a compelling mining jurisdiction despite facing significant macroeconomic hurdles. The country's robust mineral potential and stable, investor-friendly mining policies continue...
Supported by
Supported by
Supported by
error: Content is protected !!