- Copper Mountain Mining Corporation (CMMC) received the Foreign Investment Review Board approval for its US$230 million deal with Harmony Gold Mining Company Limited
- The sale includes a 2,100 square kilometre exploration land package and the Eva Copper Project, which are both in Queensland, Australia
- The board’s approval was the final condition needed to close the transaction
- Copper Mountain expects the transaction to be completed as soon as it receives the US$170 million needed from Harmony
- Copper Mountain Mining Corporation (CMMC) is down 3.95 per cent and is trading at $1.70 per share as of 2:30 p.m. EST
Copper Mountain Mining (CMMC) received approval from the Australian Foreign Investment Review Board (FIRB) to sell the Eva Copper Project.
The project will be sold to Harmony Gold Mining Company Limited for US$230 million.
The sale includes a 2,100 square kilometre exploration land package in Queensland, Australia.
The FIRB approval was the final condition needed to close the transaction. Copper Mountain expects the transaction to be completed as soon as it receives the cash consideration needed from Harmony.
The total amount has been broken down into three parts. Copper Mountain will receive an initial US$170 million in cash paid on the closing of the deal.
Up to US$30 million in cash will also be paid based on a contingent arrangement where Harmony will pay Copper Mountain 10 per cent of the incremental revenue generated from the Eva Copper Project and the Australian exploration land package.
Another US$30 million in cash will be due based on Harmony paying Copper Mountain US$0.03 per pound of contained copper for any copper resource discovered and declared on a new deposit within the Eva Copper Project and the Australian exploration land package.
Copper Mountain Mining Corporation (CMMC) is down 3.95 per cent and is trading at $1.70 per share as of 2:30 p.m. EST.
