Wednesday
Nov 19th
| Press Release by ENAMCO - Shareholder agreement with Nevsun Resources concluded |
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| Written by Administrator | |
| Saturday, 27 October 2007 | |
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The Eritrean National Mining Corporation, ENAMCO, today concluded a shareholder agreement for the Bisha Mining Share Company with Nevsun Resources. Under the terms of the agreement ENAMCO will purchase a 30% contributing interest in the Bisha project, which with the Government of Eritrea’s 10% free carried interest will bring ENAMCO’s total ownership to 40%.
ENAMCO will make a provisional payment for its 30% paid participation shares within 90 days and the full fair value for its share of the project will be determined by an independent valuator on commencement of production.
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| Last Updated ( Saturday, 27 October 2007 ) |
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