African Eagle finalises sale of Zambian copper assets.

By bne IntelliNews December 4, 2012
Nickel exploration and development African Eagle said it has completed the disposal of its Zambian copper assets to private miner Elephant Copper, finalizing the divestment of its non-core exploration assets. The deal, announced on July 27, included the sale of African Eagles wholly owned Katanga Resources and its 49.9% interest in Kujima Mining and Exploration for a consideration of 15 million shares in Elephant Copper, as well as a 2% net smelter return on the Katanga assets, which will be applicable once the assets reach production. The structure of the deal allows African Eagle to benefit from the further development of the copper assets, whilst enabling it to focus fully on the development of its flagship Dutwa Nickel Project in Tanzania. Elephant Copper has a number of projects in Namibia, Republic of Congo and Botswana.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more