IMC Exploration to buy Karaberd gold mine in Armenia
Ireland-based IMC Exploration is expanding the geographical scope of its operations by announcing a conditional agreement to buy the Karaberd gold mine, in northern Armenia. London-listed IMC will buy the entire issued share capital of MVI Ireland from Mineral Ventures Invest, a reverse takeover.
MVI holds the entire issued share capital in Assat, which has the operating licence for Karaberd, together with an ore-crushing production facility located near the site of the mine.
IMC chairperson Eamon O’Brien says the acquisition of the Karaberd mine and the development of the Karaberd ore-crushing facility will be transformational for the group, taking it from being a purely junior mining exploration company to being both a mining exploration company and a mining company.
“The proposed acquisition will transform IMC by adding a mining project and will generate cash-flow for IMC from both the monthly contribution to working capital and future mining operations. Furthermore, the geographical reach of IMC will be extended outside of Ireland which may lead to further opportunities for growth of IMC,” he adds.
Source: miningweekly.com
Latest Posts
Popular Post
- Who are the main players in the ore exploration business in Serbia
- Serbia Lece gold mine in the hands of a phantom company from Dubai
- What Are The Major Natural Resources Of Macedonia?
- Lukoil Romania Petrotel oil refinery prepares for Iran oil
- Eldorado and Minvest Deva Certej mine proposal rejected in Romania
- Oil and gas company MOL cuts CAPEX, focus on projects in Croatia, Russia, Pakistan
- Adriatic Metals’ Veovaca project in Bosnia received exploitation permit
- Mining concessions, fees and challenges for investors in Serbia
- Romania bail out from Ukraine Krivoy Rog Mining Oxidized Ore project investment
- Erris Resources obtains gold exploration permit for new gold project in Sweden