Frontier Mining Ltd Regulatory Approval for sale of Naimanjal (3521N)
July 28 2014 - 1:00AM
UK Regulatory
TIDMFML
RNS Number : 3521N
Frontier Mining Ltd
28 July 2014
FRONTIER MINING LTD
("Frontier" or "the Company")
Regulatory Approval to proceed with sale of Naimanjal
Frontier Mining (AIM: FML), the AIM listed Copper production,
exploration and development company focused on Kazakhstan,
announces that the Company has now received approval from Ministry
of Industry and New Technology of the Republic of Kazakhstan
("RoK") to proceed with the sale of Naimanjal licence area to Union
Transnationale Miniere S.A. ("UTM").
As previously announced on 10 March 2014, the Company has agreed
to sell its 100% owned subsidiary FML Kazakhstan LLP, owner of the
Naimanjal licence area to UTM for a cash consideration of US$30
million.
The Naimanjal licence area is located approximately 200 km West
of Semey in North East Kazakhstan, with four commercial discoveries
covering 529km(2), including Baitemir, Yubileiny and Beschoku.
All proceeds from the sale are expected to be used for repayment
of maturing debt of the Company and financing capital expenditures
for the ramp up of copper production at Benkala to maximum levels.
A further announcement will be made once completion of the sale has
taken place.
-ENDS-
Frontier Mining Ltd
Yerlan Minavar Tel: +44 20 7898 9019
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson Tel: +44 20 7148 7900
Broker
RFC Ambrian
John Harrison Tel: +44 20 3440 6800
Stefan Murphy
PR and IR
Walbrook
Paul Cornelius Tel: +44 20 7933 8780
Guy McDougall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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