Avocet Mining (LON:AVM) has received written confirmation from the government of Guinea that it will not enforce its right to withdraw the Tri-K mining permit on 27 September for a further three months (to 27 December 2016), in view of the fact that the company is in advanced discussions with interested parties with regard to the financing of that project.
The company welcomes this extension, and expects to be able to announce the terms of a deal to finance Tri-K in the coming weeks.
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Anglo American (LON:AAL) has announced the value of rough diamond sales (global sightholder sales and auction sales) for De Beers's seventh sales cycle of 2016, amounting to $630 million, compared with the $528 million value of the sixth sales cycle of 2016.
Chief executive Bruce Cleaver said: "We saw healthy demand for our rough diamonds in Cycle 7, as manufacturers brought forward some of their demand in order to cut and polish rough diamonds in time for the important retail selling season."
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Altona (LON:ANR), Sino-Aus Energy Group Limited and Wintask Group have entered into a deed of variation with Arckaringa Coal Chemical Joint Venture Company Co Pty Ltd modifying the terms of the current JV agreement that was originally announced on 14 November 2014 with subsequent changes being announced on 5 November 2015.
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Obtala Ltd (LON:OBT), the African focused agricultural and forestry company, has entered into separate agreements with five High Net Worth (HNW) investors and company chair Miles Pelham, for an inward investment of $1.1m.
This inward investment would go into the existing Meradell (2) Ltd investment vehicle, as announced on 17 February 2016, and amended as per the 29 June 2016 announcement.
Miles Pelham, Chairman of Obtala, will invest $500,000 into Meradell (2) Limited thereby acquiring economic benefit of 1,429 hectares via a 2.86% shareholding in Meradell (2) Limited, bringing his total holding to 2,143 hectares via a 4.29% shareholding in Meradell (2) Limited.
The Chairman's investment was approved by the independent directors (excluding Miles Pelham), and the terms of the transaction considered to be fair and reasonable.
Five HNW investors will invest US$600,000 into Meradell (2) Limited thereby acquiring a combined economic benefit of 2,002 hectares via a 4.00% shareholding in Meradell (2) Limited.
On 28th June 2017 each investor in this tranche has the right to put the investment back to Obtala for the nominal amount invested, payable either in cash or the then equivalent value of Obtala shares at Obtala's election.
As under previous agreements, investors will receive a 5% fixed return on their aggregate investment, payable biannually and a pro-rata share of any profit at subsidiary level.
The Company remains committed to raising funds for expansion by further sales of the Meradell structure and/or other forestry linked investment vehicles such as preferred equity in Argento, Obtala's 75% owned forestry subsidiary.
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Vedanta Resources (LON:VED) said that at its General Meeting held today, the resolution put to shareholders in relation to the proposed merger of Vedanta Limited and Cairn India Limited was duly passed on a poll.