Sandfire Resources (ASX:SFR) to snap up Namibian exploration properties

Company News

by Katrina Bullock

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.

 

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.