China Nonferrous Gold Extension of Procurement Agreement
February 08 2018 - 1:00AM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited ??????????
("CNG" or the "Company")
Extension of Procurement Agreement
China Nonferrous Gold Limited ?????????? (AIM: CNG), the mineral
exploration and mining company currently mining the Pakrut gold
project ("Pakrut project") in the Republic of Tajikistan, is
pleased to announce that LLC Pakrut, a wholly owned subsidiary of
the Company, has extended the procurement agreement (the
"Agreement") with China Nonferrous Metals International Mining Co.
Ltd ("CNMIM"), the Company's 38.36% shareholder, previously
announced on 25 May 2016.
Under the agreement which CNMIM will continue to act as agent
for LLC Pakrut to procure equipment, spare parts and other
materials required for the Pakrut project. All terms will remain
the same as the original agreement save for the total amount to be
procured will be limited to US$10 million.
As with the previous agreement, LLC Pakrut will retain the final
decision in relation to the purchasing of all goods and for acting
as agent for LLC Pakrut, CNMIM will also continue to be paid a
commission of 5% on all goods procured. The Agreement, governed by
the law of China, is valid until 31 December 2019.
Yu Lixian, Managing Director of CNG, commented:
"We are pleased to have re-signed this agreement with CNMIM, it
will allow the Company to continue to benefit from CNMIM's
purchasing power and increase our supply options."
Related Party Transaction
CNMIM is a substantial shareholder of the Company and, as a
result, pursuant to AIM Rule 13, the entry into the Agreement with
CNMIM is deemed to be a related party transaction. The Independent
Directors of the Company namely Shi Xiuzhi and Li Yong consider,
having consulted with CNG's Nominated Adviser, Investec Bank plc,
that the terms of the Agreement are fair and reasonable insofar as
the shareholders of CNG are concerned.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold LimitedYu Lixian, Managing DirectorTel:
+86 10 8442 6681
Investec Bank PlcJeremy Ellis, George PriceTel: +44 (0)20 7597
5970
Beaufort Securities LimitedJon BellissTel: +44 (0)20 7382
8300
BlytheweighTim Blythe, Camilla HorsfallTel: +44 (0)20 7138
3224
LEI: 213800N6OF4LUDO7WD522.2. Inside information
View source version on businesswire.com:
http://www.businesswire.com/news/home/20180207006434/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
February 08, 2018 02:00 ET (07:00 GMT)
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Jun 2024 to Jul 2024
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Jul 2023 to Jul 2024