Central Asia Metals plc has completed the sale of its 76.1% shareholding in Copper Bay Ltd, with mineral rights to a copper tailings project in Chile.
DEVELOPMENT
The company said that the purchase by Guardian Metals plc triggered compulsory ‘drag’ rights over the remaining 23.9% held by minority shareholders, also acquired by Guardian Metals.
Central Asia will receive its pro rata share of the overall consideration for the whole of Copper Bay, comprising $7.5 million in cash payable in two equal deferred instalments, subject to production.
Chief executive Gavin Farrar added: “We are delighted to have concluded this sale with Guardian Metals, which we believe offers the Copper Bay project a path to future development for the benefit of all stakeholders.
“We previously wrote down the carrying value of CBL to zero, and this transaction thus offers the potential to realise additional value for CAML [Central Asia] shareholders in the future.”
Central Asia is focused on the Kounrad copper-from-waste project in central Kazakhstan as well as early stage exploration in the country and the Sasa zinc-lead mine in North Macedonia.
The company also has a 28.4% interest in Aberdeen Minerals Ltd exploring for base metals in northeast Scotland.