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23/06/2024
Mining News

Subsidiary of Egypt-listed mining ASCOM sells stake in gold project in Ethiopia for around $100 mln

APM Investment Holdings, a subsidiary of the Egyptian ASEC Company for Mining (ASCOM), sold 35 percent of its share in Kurmuk Gold Project in Ethiopia to Allied Gold Corporation (AGC), a Canadian company, for a total of $99.6 million, according to a bourse filing on Sunday.

The deal’s value includes issuing 11.5 million shares for APM in AGC with a total market value of $34.6 million.

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AGC will also pay $65 million to APM in three instalments starting on 30 September 2024.

In 2017, ASCOM, which is a private company, sold 64.46 percent of its shares in Ethiopian subsidiary APM Ethiopia to AGC for $14.5 million.

With over 35 years of exceptional track record in the Egyptian market, ASCOM has expanded its operations covering North and East Africa, the Gulf, and the Levant regions.

Egyptian and Canadian companies are increasing their cooperation in the field of gold mining and exploration.

On Sunday, the Egyptian Mineral Resources Authority (EMRA) signed an agreement with Canadian Lotus Gold Corporation for exploration concessions on 525 square kilometres with $2.5 million in investments.

 

Source: ahram

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