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Bezant Resources finishes sale of Mankayan stake

The AIM-listed copper and gold explorer sold the stake to Singapore-based Mining and Minerals Industries Holding Ltd for an initial funding package of US$2.25mln

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Elsewhere, Bezant is focusing on developing the Buffalo copper project in Zambia

Bezant Resources PLC (LON:BZT) has completed the sale of 80% of its stake in the Mankayan copper and gold project in the Philippines.

The explorer and developer announced in an update on Monday that the Mankayan stake, operated by its subsidiary Asean Copper Investments Limited, was sold to subsidiary of the Singapore-based company Mining and Minerals Industries Holding Ltd.

READ: Bezant Resources gets more indications of copper at Buffalo in Zambia

In return for the shares, Bezant will receive 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.

 

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Price: 0.065 GBX

AIM:BZT
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