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Kopore Metals (ASX:KMT) completes $2M Namibian sale to Sandfire Resources (ASX:SFR)

Mining
ASX:KMT
28 May 2020 03:00 (AEST)
Kopore Metals (ASX:KMT) - Managing Director, Simon Jackson (right)

Source: YouTube

Kopore Metals (KMT) has completed the sale of its Namibian licenses to Sandfire Resources’ (SFR) subsidiary, Metal Capital Exploration.

Earlier this month, the companies announced the deal. Sandfire paid $1 million in cash and $1 million worth of shares to purchase the assets.

Additional funds could be added if Sandfire reaches a decision to mine. If Sandfire has an Ore Reserve of more than 300,000 tonnes of copper, it will pay $1.5 million.

However, if it finds an Ore Reserve of more than 500,000 tonnes of copper, Sandfire will pay Kopore a further $3.5 million.

The funds from this deal will be used for Kopore’s exploration in Botswana, where the company has a total landholding of 8126 kilometres squared.

The Government of Botswana is looking into removing the COVID-19 restrictions and the company said it is planning its next exploration programs for when this happens.

On market close, Kopore is up 20 per cent, trading for 0.6¢ per share, while Sandfire is up 4.45 per cent, selling shares at $4.69 each.

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