Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Regulatory Approval for sale of Naimanjal

28th Jul 2014 07:00

RNS Number : 3521N
Frontier Mining Ltd
28 July 2014
 



 

FRONTIER MINING LTD

("Frontier" or "the Company")

 

Regulatory Approval to proceed with sale of Naimanjal

 

 

Frontier Mining (AIM: FML), the AIM listed Copper production, exploration and development company focused on Kazakhstan, announces that the Company has now received approval from Ministry of Industry and New Technology of the Republic of Kazakhstan ("RoK") to proceed with the sale of Naimanjal licence area to Union Transnationale Miniere S.A. ("UTM").

 

As previously announced on 10 March 2014, the Company has agreed to sell its 100% owned subsidiary FML Kazakhstan LLP, owner of the Naimanjal licence area to UTM for a cash consideration of US$30 million.

 

The Naimanjal licence area is located approximately 200 km West of Semey in North East Kazakhstan, with four commercial discoveries covering 529km², including Baitemir, Yubileiny and Beschoku.

 

All proceeds from the sale are expected to be used for repayment of maturing debt of the Company and financing capital expenditures for the ramp up of copper production at Benkala to maximum levels. A further announcement will be made once completion of the sale has taken place.

 

-ENDS-

 

Frontier Mining Ltd

 

Yerlan Minavar

Tel: +44 20 7898 9019

 

 

 

Nomad

 

Cairn Financial Advisers LLP

 

Sandy Jamieson

Tel: +44 20 7148 7900

 

 

 

Broker

 

RFC Ambrian

 

John Harrison

Stefan Murphy

 

Tel: +44 20 3440 6800

PR and IR

 

Walbrook

 

Paul Cornelius

Tel: +44 20 7933 8780

Guy McDougall

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
REARAMMTMBMTBII

Related Shares:

FML.L
FTSE 100 Latest
Value8,809.74
Change53.53