East China Mineral Exploration and Development Bureau to jointly develop Berg Aukas Lead-Zinc Mine
Namibia focused copper miner Weatherly International (LON:WTI) has signed a non-binding letter of intent with a wholly owned subsidiary of East China Mineral Exploration and Development Bureau (ECE) to jointly develop Weatherly's Berg Aukas lead-zinc mine in northern Namibia.
The partners will form a new company (NewCo), whose primary asset would be the Berg Aukas mine and which would apply for admission to trading on the AIM market of the London Stock Exchange. Under the terms of the agreement, ECE will provide funding of £4.8 million to acquire an interest of 65% in NewCo, while Weatherly would retain an interest in NewCo with part of its interest being distributed to underlying Weatherly shareholders.
The transaction is expected to complete before the end of the current year.
Last year, Weatherly and ECE negotiated a proposed equity investment into Weatherly, which the companies said helped them “get to know one another well and recognize complimentary skills.”
“Since then we have been looking for a way in which we can work together for our mutual benefit. We think the opportunity to work with ECE offers an enormous growth opportunity...the first objective of the new company will be to complete a feasibility study for Berg Aukas as a starting point in building a widely based resource business,” said chief executive of Weatherly Rod Webster.
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