Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB
Kimberley Metals (ASX: KBL) has reported that on 12 July the Australian
Government Foreign Investment Review Board (FIRB) had no objections to
Henan Yuguang Lead & Gold Co. Ltd's (Yuguang) proposed strategic
cooperation arrangement with Kimberley.
On 19 April 2010 Kimberley entered into the arrangement through a Memorandum of Co-operation with Yuguang, China’s largest lead producer.
The arrangements involve Yuguang taking a 15% placement in Kimberley and earning a 25% direct interest in a joint venture to develop the Sorby Hills Lead-Silver-Zinc Project in Western Australia.
Kimberley has called a shareholder meeting to be held on Tuesday 10 August 2010 to approve the issue of 20,725,390 shares to Yuguang at a placement price of 25 cents per share so that, after this placement, Yuguang will hold 15% of Kimberley’s issued shares.
The $5 million of funding for the Sorby Hills Joint Venture will be utilised to bring the project feasibility study to completion.
Jim Wall, Kimberley's executive chairman, said the $5 million cash injection into Kimberley will be dedicated to a production start-up for the Pearse Gold Project at Mineral Hill in NSW including the recommissioning of the Mineral Hill processing plant to produce both gold bullion and gold in concentrate.
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