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FAQ: Silvercorp Metals' $162 Million Acquisition of 70% Interest in Kyrgyz Gold Projects
TL;DR
Silvercorp Metals gains a strategic advantage by acquiring a 70% operating interest in Kyrgyz gold projects for $162 million, expanding its portfolio and production potential.
Silvercorp will pay $162 million in staged payments to Chaarat and the Kyrgyz government for a 70% joint venture interest in the Tulkubash and Kyzyltash projects.
This acquisition supports responsible mining and economic development in Kyrgyzstan through partnerships and long-term commitment to ESG principles.
Silvercorp's deal unlocks gold projects in the Tian Shan region, a mineral-rich area known for its significant exploration potential.
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Silvercorp Metals has signed a Share Purchase Agreement with Chaarat Gold Holdings and a Cooperation Agreement with the Kyrgyz Republic's National Investment Agency to acquire a 70% interest in Chaarat ZAAV CJSC, which holds the Tulkubash and Kyzyltash gold projects, for $162 million.
Silvercorp is acquiring a 70% interest in Chaarat ZAAV CJSC, which holds the fully permitted Tulkubash and Kyzyltash gold projects and surrounding exploration licenses in the Tian Shan region of the Kyrgyz Republic.
The total cash consideration is $162 million, with $70 million in staged payments to the National Investment Agency tied to government waivers and license extensions, and $92 million to Chaarat conditional on receipt of the Kyrgyz Government waiver, which has now been issued.
Upon closing, ZAAV will be converted into a joint venture company with Kyrgyzaltyn, in which Silvercorp will hold a 70% operating interest and Kyrgyzaltyn will hold a 30% free-carried interest.
The Tulkubash and Kyzyltash gold projects are located in the Tian Shan region of the Kyrgyz Republic.
The key parties are Silvercorp Metals (the acquirer), Chaarat Gold Holdings Limited (the seller), the National Investment Agency under the President of the Kyrgyz Republic, and Kyrgyzaltyn (the future joint venture partner).
Silvercorp's strategy is to create shareholder value by focusing on generating free cash flow from long life mines, organic growth through extensive drilling, ongoing merger and acquisition efforts to unlock value, and long-term commitment to responsible mining and ESG.
The latest news and updates relating to SVM are available in the company's newsroom at https://ibn.fm/SVM, and the full press release for this announcement can be viewed at https://ibn.fm/Xz2rU.
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Curated from InvestorBrandNetwork (IBN)
