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Apollo Minerals receives French government approval to obtain 100% ownership of Couflens project

The miner said the approval allowed it to purchase the remaining 20% interest in the project it does not already own, having acquired an 80% interest in the project in 2017
Australian dollars
Apollo is funding the transaction using a combination of cash and future share payments

Apollo Minerals Limited (ASX:AON) has received approval from the French Ministry of Economy and Finance to gain 100% ownership of the Couflens tungsten-copper-gold project in the Pyrenees.

The miner said the approval allowed it to purchase the remaining 20% interest in the project it does not already own, having acquired an 80% interest in the project in 2017.

WATCH: Outlook for tungsten developers 'promising' amid tightening supply

The group added that it would acquire the remaining interest through the purchase of Variscan Mines SAS, a wholly owned subsidiary of Variscan Mines Limited (ASX:VAR).

Apollo is funding the transaction using a combination of cash and future share payments based on the achievement of project milestones, as well as assuming the liabilities of Variscan France.

Most of the consideration is deferred and is weighted towards share based payments in the future, thereby limiting the upfront cash outlay.

Hugo Schumann, executive director of Apollo Minerals, said: “Our desire to increase our ownership in the Couflens Project to 100% reflects our growing appreciation of the high quality of the project and its significant exploration upside. We are now well placed to carry out our exploration and study programmes backed by a strong cash balance and quality institutional shareholders.”

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