EBRD buys equity stake in Mongolian copper exploration operation

Oyundelger 2017-10-13 03:10

Mining

EBRD has become a shareholder in Kincora Copper Limited, a copper exploration company active in Mongolia, with the acquisition of a 6.16 percent stake for the equivalent of €940,000.

EBRD buys equity stake in Mongolian copper exploration operation. The European Bank for Reconstruction and Development (EBRD) has become a shareholder in Kincora Copper Limited, a copper exploration company active in Mongolia, with the acquisition of a 6.16 percent stake for the equivalent of approximately €940,000 through a private placement, EBRD said. The company holds a number of licences in the Ömnögovi region in southern Mongolia, which contains important gold and copper resources including the underexplored Devonian copper belt. These resources include the Oyu Tolgoi deposit, operated by Rio Tinto, which is one of the world’s largest copper operations and the Tsagaan Suvarga deposit, currently under development by the Mongolia Alt Corporation. The EBRD is providing finance for both projects. By investing in Kincora, the Bank is promoting modern copper porphyry drill testing and a district scale reconnaissance exploration programme in the Devonian copper belt, alongside high environmental and social management standards and practices. The EBRD funds will be solely used by Kincora’s Mongolian subsidiaries to support an extensive drilling programme and potential further explorations at two key Devonian-age prospects.