Kounrad Transaction Update

RNS Number : 3817D

Central Asia Metals PLC

28 March 2014

 



28 March, 2014

CENTRAL ASIA METALS PLC

("CAML" or the "Company")

Kounrad Transaction Update

Central Asia Metals plc (AIM: CAML) provides an update on the framework agreement to acquire the remaining 40 per cent of the Kounrad copper project in Kazakhstan (the "Transaction") as announced on 27 June 2013.

CAML continues to work with Mr Kenges Rakishev, a non-executive director of the Company, to obtain all the necessary Kazakhstan Government waivers to facilitate the transfer to the Company of the remaining 40 per cent of the subsoil use contract associated with the Kounrad copper project. This follows the transfer of the remaining 40 per cent interest in Kounrad Copper Company LLP to CAML, as announced on 29 October 2013.

The longstop completion date for the Transaction has now been agreed by the parties involved as 30 June 2014.  The extension of longstop completion date, from 31 March 2014, reflects the process and time required to obtain all the necessary regulatory waivers.  The Company will provide an update on the potential project expansion at Kounrad, upon completion of the Transaction.

Nick Clarke, Chief Executive Officer commented:

"We are continuing to work closely with the relevant authorities in Kazakhstan to obtain all the necessary waivers to finalise the outstanding transfer for Kounrad.  Significant progress has been made to date and as a company we are taking all the required steps to move the process along as quickly as possible. We look forward to updating the market in due course."

For further information contact:

Central Asia Metals plc	Tel: [phone]
Nick Clarke, CEO Nigel Robinson, CFO
Peel Hunt LLP (Nominated Adviser & Joint Broker)	Tel: [phone]
Matthew Armitt / Ross Allister
Mirabaud Securities LLP (Joint Broker)	Tel: [phone]
Peter Krens
Bell Pottinger	Tel: [phone]
Mark Antelme / Lorna Cobbett

Notes to Editors:

Central Asia Metals is an AIM-listed UK company based in London. Its countries of operation are Kazakhstan and Mongolia. CAML is a copper producing company focussed on base metals. It also has a 50% equity interest in Copper Bay Ltd, who is developing the Chañaral Bay Copper Project in Chile. For further information please visit: www.centralasiametals.com 

 

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