Taung Gold International Limited has agreed to acquire an effective 21% interest in a copper-gold exploration licence, in Pakistan, for a total consideration of HK$146 million (US$18.8 million).
The exploration licence comprises three ore bodies, South Borgar, East Borgar and North Koh-e-Daleel, which lie approximately 68km North-West of Nok Kundi town in the Chagai district along Pakistan’s Western border with Iran.
The deal is contingent upon the publication of an independently determined resource, an updated valuation report and the conversion of the exploration to a mining licence, by the end of 2018.
Taung has entered into a framework agreement with MCC International for an EPC contract to develop the property.
Taung Gold diversifies with deal to acquire Pakistani copper-gold deposits (621:HK)