Completes 100% Acquisition of Kipoi
Perth, Oct 20, 2014 AEST (ABN Newswire) - Tiger Resources Limited (
ASX:TGS) ("Tiger") is pleased to announce it has completed the acquisition of the remaining 40% shareholding in Société d'Exploitation de Kipoi SA ("SEK"), the owner of the Kipoi Copper Project in the Democratic Republic of Congo (DRC). This follows the drawdown of US$50M against the finance facility with Taurus Mining Finance Fund.
SEK becomes a wholly-owned subsidiary of Tiger as a result of the acquisition. A 2.5% gross turnover royalty payable by SEK will be retained by the vendor Gécamines, and Tiger also intends to cede a 5% interest in SEK to the DRC Government to bring the mining title into alignment with mining law and regulations in the DRC.
Tiger Managing Director Brad Marwood said it was pleasing that Tiger had met all necessary conditions and received DRC Government approval for the transaction according to its timeline.
"The acquisition of the remaining 40% of SEK offers Tiger a compelling opportunity to acquire a producing copper asset we already operate. We now have a clear, low capital intensity growth profile to 50ktpa and with ownership of the Kipoi Project rationalised we are able to explore a broader range of options to put in place a long term financing structure for the Company." he said.
About Tiger Resources Limited
Tiger Resources Limited (ASX:TGS) has established itself as a producing copper/cobalt company with excellent growth potential after making the transition from an explorer. We have a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the Democratic Republic of the Congo (DRC), central Africa.
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