28th Mar 2014 12:26
LONDON (Alliance News) - Central Asia Metals PLC Friday said the longstop completion date for its deal to buy the remaining 40% of the Kounrad copper project in Kazakhstan has been extended to the end of June, from the end of March, as it is still awaiting regulatory clearance.
"We are continuing to work closely with the relevant authorities in Kazakhstan to obtain all the necessary waivers to finalise the outstanding transfer for Kounrad. Significant progress has been made to date and as a company we are taking all the required steps to move the process along as quickly as possible," Chief Executive Nick Clarke said in a statement.
The deal was first announced in June last year. The remaining 40% interest in Kounrad Copper Company LLP was transferred to the company in October, but it is still awaiting the transfer of the remaining 40% of the subsoil use contract associated with the project.
Central Asia Metals shares were up nearly 3% at 169.75 pence Friday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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