Portfolio update – Zeta Resources Limited

UIL Limited

08 October 2024

 

8 October 2024

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Portfolio update - Zeta Resources Limited

The Board of UIL Limited ("UIL") is pleased to report a significant transaction within the portfolio of its investee subsidiary company Zeta Resources Limited ("Zeta"). 

Zeta announced earlier today that it expects to receive approximately USD 41 million from Koumbia Bauxite Investments Ltd ("KBI"), an unlisted Bermuda based company in which Zeta is a 41.3% shareholder and is Zeta's largest investment.  KBI has agreed to terminate its commercialisation deed with Alliance Mining Commodities Ltd ("AMC"), the 90% owner of the Koumbia bauxite project located in Guinea, in exchange for a cash payment of USD 100 million from the 100% owner of AMC.  The payment from KBI is expected to be received by Zeta within one week and is in line with Zeta's carrying value of KBI as at 30 September 2024.

KBI represents approximately 8% of UIL's investment portfolio as at 30 September 2024 on a look through basis.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited

Telephone: [phone]

 

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