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Metal Tiger brings in Cobre on Kalahari Metals deal
24th Aug 2020 10:48
(Sharecast News) - Metal Tiger said it was reducing its stake in Kalahari Metals as fellow miner Cobre took a 51% stake in the Botswana-focused firm.
Under the terms of the deal announced on Monday, Metal Tiger will end up with around 20.72% of Cobre, with an economic interest in Kalahari Metals of nearly 60%, comprising a direct interest of 49% and an indirect interest of 10.57%.
Metal Tiger chief executive Michael McNeilly said the deal, if completed, would be positive for the company as it provided an additional funding partner in Cobre.
"We believe this will allow KML to undertake a more aggressive exploration programme and will allow for economies of scale at the project level. Assuming exploration success it may also provide a potential future liquidity avenue for Metal Tiger's interest," he said.
Under the terms of the deal announced on Monday, Metal Tiger will end up with around 20.72% of Cobre, with an economic interest in Kalahari Metals of nearly 60%, comprising a direct interest of 49% and an indirect interest of 10.57%.
Metal Tiger chief executive Michael McNeilly said the deal, if completed, would be positive for the company as it provided an additional funding partner in Cobre.
"We believe this will allow KML to undertake a more aggressive exploration programme and will allow for economies of scale at the project level. Assuming exploration success it may also provide a potential future liquidity avenue for Metal Tiger's interest," he said.