DR Congo: Tiger Resources ends copper-cobalt sale agreement with Sinomine HK
(Ecofin Agency) - ASX-listed Tiger Resources announced last weekend it cancelled the transaction concluded with the Chinese group Sinomine HK whereby it would have sold its copper-cobalt assets in DR Congo for $260 million. The sale agreement targeted Kipoi and Lupoto projects as well as La Patience permit.
The company indicated that Sinomine failed to reach acceptable terms, despite an extension of the Share Purchase Agreement (SPA)’s termination date. Indeed, termination date was 30 June 2018 but it was extended following a mutual agreement between the parties to allow final negotiations to be completed.
“The share purchase agreement (SPA) terms acceptable to Tiger were not achieved and the company subsequently issued a Notice of Termination of the SPA to Sinomine HK,” Tiger said.
Let’s note that the company is working on a new life of mine plan (LOMP) for its Kipoi copper assets, which is expected to be completed next 6 - 8 weeks.