21st Oct 2013 08:28
LONDON (Alliance News) - Alexander Mining PLC Monday saw its shares jump after it signed a strategic technical partnership with its largest shareholder that will see its mineral processing technology commercialized in Turkey for the first time.
Ebullio Group has bought base metals miner Red Crescent Resources Ltd for USD10 million in cash and shares and wants to use Alexander processing technology at the company. Red Crescent is a Canadian company but owns zinc and copper assets in Turkey.
"We have made no secret of the outstanding potential for our technology in Turkey," Alexander Mining Chief Executive Martin Rosser said in a statement. "The mutually beneficial relationship with Ebullio, and the completion of its RCR transaction, creates a transformational opportunity for Alexander to achieve the major commercial adoption of its technology in Turkey, and elsewhere."
Alexander Mining shares were up 14.1% at 6.845 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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