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Transamine has Cu offtake for Boseto, buys 10% stake in Discovery

March 09, 2010 - 09:32 GMT Location: London

KEYWORDS: transamine , discovery metals , boseto , botswana , copper , josephine mason

Transamine will buy all the copper concentrate produced at Discovery Metals’ Boseto copper mine in Botswana over five years as well as 9.76% stake in the company

As part of the offtake deal, Transamine will subscribe to 25 million Discovery shares at A$0.7623 ($0.69) per share, paying an 11% premium to Discovery’s four-week volume weighted average price, raising A$19 million which will go towards building the project, Discovery said on Tuesday.

The 25 million shares in addition to Discovery’s current 231 million share capital will represent 9.76% of the new share capital, according to MB’s calculations.

News of the offtake comes several weeks after md Brad Sampson told MB that sheer demand for Boseto’s concentrate meant negotiations...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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