logo-loader
viewOriole Resources PLC

Oriole's stake at Muratdere legacy project now less than 10%

Lodos, Oriole's joint venture partner, is progressing the project to secure an approved environmental impact assessment

Chemical symbol for copper
Oriole's stake in the legacy project will eventually be converted to a net smelter royalty

Oriole Resources PLC (LON:ORR) told shareholders its stake in the Muratdere copper-gold project in Turkey is now less than 10% as a result of dilution.

The AIM-quoted exploration company operating in Africa and Europe said the dilution was a result of further investment in the project by its joint-venture partner, Lodos.

READ: Oriole Resources hails "very encouraging" Cameroon gold results

As per the terms of the joint venture, the company's remaining equity interest will shortly be converted to a 1.2% post-Turkish tax net smelter returns royalty.

"We are pleased by the progress Lodos is making at the Muratdere project and we look forward to a positive response to their permitting submittal, taking us one step closer to realising value from this legacy asset,” said Tim Livesey, the chief executive officer of Oriole.  

Quick facts: Oriole Resources PLC

Price: 0.43 GBX

LSE:ORR
Market: LSE
Market Cap: £3.02 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oriole Resources PLC named herein, including the promotion by the Company of Oriole Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Operational highlights from Oriole

Oriole Resources PLC's  (LON:ORR) CEO Tim Livesey and CFO Bob Smeeton join Proactive London from Glasgow's geographical conference to update investors on their interim results. Updates here too from sites in Turkey, Cameroon and Senegal with Smeeton outlining how cost saving measures he...

on 29/8/19

RNS

Second Price Monitoring Extn

13 hours, 54 minutes ago

Price Monitoring Extension

13 hours, 59 minutes ago

Strategic Update

5 days, 20 hours ago

121 Mining Investment Conference

6 days, 18 hours ago

Unlocking Value in Turkey

3 weeks, 1 day ago

2 min read