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FAQ: Silvercorp Metals' Acquisition of Chaarat ZAAV and Joint Venture in Kyrgyz Republic
TL;DR
Silvercorp Metals gains a strategic advantage by acquiring a 70% operating interest in Kyrgyz gold projects, expanding its portfolio and securing long-term mining rights until 2062.
Silvercorp completed the acquisition by paying $92 million, converting the asset into a joint venture with Kyrgyzaltyn, and will extend mining licenses with a future $60 million payment.
This acquisition supports responsible mining and ESG commitments, potentially creating sustainable economic opportunities and community development in the Kyrgyz Republic through long-term operations.
Silvercorp's $92 million deal secures gold projects in Kyrgyzstan, with mining rights extended to 2062, showcasing global expansion in the mining sector.
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Silvercorp Metals Inc. has completed the acquisition of Chaarat ZAAV CJSC in the Kyrgyz Republic, following a previously disclosed share purchase agreement with Chaarat Gold Holdings Limited.
Silvercorp made a $92 million payment to Chaarat as part of the acquisition transaction.
Silvercorp will convert ZAAV into a joint venture company with Kyrgyzaltyn, a wholly owned subsidiary of the Kyrgyz Republic, with Silvercorp holding a 70% operating interest and Kyrgyzaltyn holding a 30% free-carried interest.
The joint venture will operate the Tulkubash and Kyzyltash gold projects in the Kyrgyz Republic.
The joint venture will apply to extend the mining license from June 25, 2032 to June 25, 2062, after which Silvercorp will make a $60 million payment to the National Investment Agency under the President of the Kyrgyz Republic.
Silvercorp's strategy focuses on generating free cash flow from long life mines, organic growth through 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 can be viewed at https://ibn.fm/iuDnR.
The Kyrgyz government issued a waiver of its statutory pre-emptive right, which was necessary for the acquisition to proceed.
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Curated from InvestorBrandNetwork (IBN)
