Botswana mining ministry has granted approval for Kalahari Metals Limited (KML), in which Metal Tiger owns a 59.8% stake, to take ownership of Kitlanya Limited and a 51% stake in Triprop Holdings.
KML now owns 100% of Kitlanya and 51% of Triprop, which each owns five exploration properties.
Metal Tiger chief executive Michael McNeilly said: “We are delighted that KML has received further support from the government of Botswana as it continues to develop assets in the Kalahari Copper Belt.”
“We look forward to providing further KML related updates in the near future,” McNeilly said.
As the deal to buy Kitlanya, which was agreed in April last year, has been certified by the government and all conditions satisfied, KML has issued US$700,000 shares to Kitlanya’s former owner, which results in Metal Tiger’s interest in KML being reduced to 53.2%.
The deal to buy the stake in Tripop was conditional on a KML contributing US$600,000 to certain work programmes and budgets, which was achieved in May last year.