East Star Resources Plc (LSE:EST) said all four exploration licences under the joint venture with Kazakhstan national mining company Tau-Ken Samruk were transferred on April 13 to newly established joint venture companies within the Astana International Financial Centre (AIFC).
East Star subsidiary, Discovery Ventures Kazakhstan Ltd, owns 80%, while Tau-Ken Samruk owns the remaining 20%.
“The transfer of our licences into formal joint venture companies within the AIFC, a framework which provides tax jurisdiction and legal certainty based on English law, reiterates our confidence in the system and the tenure of our licences,” said East Star chief executive Alex Walker.
“East Star can confidently move forward with securing additional licences that fit our exploration and project generation model."
The Dalny and Apmintas licences in the Chu-Ili Belt have been transferred to ‘Chu-Ili Resources Ltd’ and the Novo 1 and 2 licences in the Rudny Altai Belt have been transferred to 'Rudny Resources Ltd', said the London-listed gold and copper explorer.
In March, East Star said it remains committed to Kazakhstan and is keen to carry on doing business there.
READ: East Star Resources reaffirms commitment to Kazakhstan