The AIM-listed copper and gold explorer sold the stake to Singapore-based Mining and Minerals Industries Holding Ltd for an initial funding package of US$2.25mln
() has completed the sale of 80% of its stake in the Mankayan copper and gold project in the Philippines.
The explorer and developer announced in an update on Monday that the Mankayan stake, operated by its subsidiary Asean Copper Investments Limited, was sold to subsidiary of the Singapore-based company Mining and Minerals Industries Holding Ltd.
In return for the shares, Bezant will receive an initial funding package of US$2.25mln, plus further funding of up to US$5.5mln subject to the renewal of licencing agreements with the Philippine government.
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