A subsidiary of Sandfire Resources (ASX:SFR) has executed a binding agreement to snap up the Namibian exploration properties of ASX listed copper and silver prospector, Kapore Metals (ASX:KMT).
Sandfire is set to pay $1 million in cash and a further $1 million in Sandfire shares, with additional payments if Sandfire reaches a decision to mine on the properties.
Completion of the transaction is conditional upon the withdrawal of current legal action against the Namibian Ministry of Mines and Energy by Hebron Prospecting Pty Ltd.
The Transaction with Sandfire provides certainty of funding for Kopore in the current challenging markets and allows Kapore to move ahead with planning its next exploration programs in Botswana.
Shares in Sandfire Resources (ASX:SFR) are trading 4.88 per cent lower at $4.29.