UK Firm Acquires Stake in Iranian Copper Mine
British investment company Amedeo Resources announced on Thursday that it has acquired a 2.5% stake in Ganjine Kani Company for $500,000, a copper mining company close to the city of Mashhad in Iran.
The AIM-traded company said as part of the transaction, Amedeo has a five-year option to acquire a further 5% of GKC for $2 million.
AIM, formerly the Alternative Investment Market, is a sub-market of London Stock Exchange, which allows smaller, less-viable companies to float shares with a more flexible regulatory system than is applicable to the main market.
Amedeo said GKC is a producing miner and it also has the required infrastructure to produce copper concentrate from ore, UK portal Digital Look reported.
To date, around 1 million tons of ore have been extracted by GKC that contains, on average, 0.9% copper from its three mines.
Iranian studies estimated that the producing mine alone may have at least 6.5 million tons of copper ore with a 0.9% average copper content.
The extent of the ore and its copper content had yet to be confirmed to international standards.
Amedeo said GKC has been selling copper concentrate into Asia, including China.
MGR Resources, which trades and brokers iron ore and in which Amedeo has a 49% stake, intended to work with GKC to increase its supply of copper into East Asia and China.
“We are pleased to have made this acquisition, which will allow MGR to widen the commodities it trades and brokers and, at the same time, give MGR a captive supply of copper,” said Amedeo CEO Glen Lau.
According to its website, Amedeo’s investment policy is to invest primarily in the resources, energy and related infrastructure and asset sectors worldwide.
“The investment policy does not preclude investment in other sectors. The company may acquire controlling or non-controlling stakes and it may be an active or a passive investor. Investments may be either quoted or unquoted and may be in companies, partnerships, joint ventures or direct interests in projects.”
Iran is the leading copper producer in the Middle East and North Africa region, as it holds close to 14% of Asia’s copper deposits and about 3% of global reserves.
The country holds about 4 billion tons of estimated reserves, according to the Geological Survey of Iran.
source: Financial Tribune
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
