5th Mar 2019 17:12
LONDON (Alliance News) - Thor Mining PLC on Tuesday said it has signed an agreement to vend its interest in the Kapunda copper project in Australia to Enviro Copper Ltd.
Shares in Thor Mining closed up 12% at 1.15 pence on Tuesday.
Enviro Copper is to be a new, copper-focused company and will hold earn rights for a maximum of 75% of both the Kapunda and Moonta copper projects - both in South Australia.
Thor Mining is to hold as much as 30% equity in Enviro Copper, before Enviro Copper applies to list in the near-term on a securities exchange. Moreover, Thor Mining Shareholders will also have first option to invest in any listing.
Thor Mining Executive Chair Mick Billing said: "This is a very exciting development in our copper strategy, potentially adding significant scale to our copper interests by bringing the Moonta copper project together with our existing interest in the Kapunda copper project...While Kapunda is comparatively more advanced, the Moonta project, albeit at an earlier stage, provides potential for a much larger, and longer-term copper production entity."
Billing added that: "Through their shareholding in Thor Mining, shareholders will be able to see the demonstrable value of our interest in Enviro Copper and that value will be in our financial accounts as a tradable market valued asset, rather than as merely a project within the company."
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