Oriole Resources PLC (LON:ORR) told shareholders its stake in the Muratdere copper-gold project in Turkey is now less than 10% as a result of dilution.
The AIM-quoted exploration company operating in Africa and Europe said the dilution was a result of further investment in the project by its joint-venture partner, Lodos.
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As per the terms of the joint venture, the company's remaining equity interest will shortly be converted to a 1.2% post-Turkish tax net smelter returns royalty.
"We are pleased by the progress Lodos is making at the Muratdere project and we look forward to a positive response to their permitting submittal, taking us one step closer to realising value from this legacy asset,” said Tim Livesey, the chief executive officer of Oriole.