South Africa's Petmin to buy 10% in Red Crescent Resources.

By bne IntelliNews May 17, 2011
South African miner Petmin said it has acquired a 10.1% stake in Turkey-based junior mining company Red Crescent Resources for CAD 4.64mn. Out of the total sum, CAD 3mn will be invested directly into the Sivas Copper Project, Petmin said in a statement. The South African firm will then invest up to a maximum of CAD 17mn in the project, in four conditional tranches over a period of three and a half years, to earn up to a 37.5% stake in the Sivas Copper Project. The Sivas Copper Project includes the rights to three contiguous and adjacent mining licenses covering an area of approximately 5,240 ha. Red Crescent has two other projects in the region, the Hakkari Zinc Project and the Tufanbeyli Zinc Project.

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