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Bezant secures backer for the Mankayan copper-gold project, will retain 20%

Mankayan contains a sizeable resource in an established mining jurisdiction

Bezant Resources PLC -
Copper remains the bellwether for the global economy

Bezant Resources PLC (LON:BZT) has entered into a conditional transaction agreement to sell an 80% interest in the Mankayan copper project in the Philippines to Mining and Minerals Industries Holding Ltd.

MMIH has itself previously entered into a separate agreement to vend certain mining assets in the Philippines to China Hongxing Sports Limited, a public company listed on the main board of the Singapore stock exchange.

WATCH: Mining Capital's Alastair Ford on Bezant Resources' Mankayan copper project financing

The consideration payable by MMIH comprises an initial funding package of US$2.25mln, plus further funding of up to US$5.5mln subject to the renewal of licencing agreements with the Philippine government.

MMIH will also issue of USS$10mln of shares in CHX to Bezant, subject to the successful completion of the abovementioned RTO Transaction.

"The Mankayan project is a significant copper-gold property and this agreement enables us to secure funding to progress the project whilst generating value for the company and its shareholders going forwards from a 20% shareholding,” said Laurence Read, Bezant’s chief executive.

Quick facts: Bezant Resources PLC

Price: 0.11 GBX

AIM:BZT
Market: AIM
Market Cap: £1.88 m
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