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Share Name Share Symbol Market Type Share ISIN Share Description
China Nonferrous Gold Limited LSE:CNG London Ordinary Share KYG215771042 ORD USD0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.35 -3.8% 8.85 8.50 9.20 9.00 8.90 9.00 105,581 16:35:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 37.1 -16.2 -4.3 - 34

CHINA NONFERROUS GOLD: Extension of Procurement Agreement

11/09/2020 7:13am

UK Regulatory (RNS & others)


China Nonferrous Gold (LSE:CNG)
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TIDMCNG 
 
 

China Nonferrous Gold Limited

 

("CNG" or the "Company")

 

Extension of Procurement Agreement

 

China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project ("Pakrut project") in the Republic of Tajikistan, is pleased to announce that Kryso Resources Limited, a wholly owned subsidiary of the Company, has extended the procurement agreement (the "Agreement") with China Nonferrous Metals International Mining Co. Ltd ("CNMIM"), the Company's 38.36% shareholder, previously announced on 8 February 2018.

 

Under the agreement which CNMIM will continue to act as agent for Kryso Resources Limited to procure equipment, spare parts and other materials required for the Pakrut project. All terms will remain the same as the original agreement (see announcement dated 25 May 2016) save for the total amount to be procured will be limited to US$8 million.

 

As with the previous agreement, Kryso Resources Limited will retain the final decision in relation to the purchasing of all goods and for acting as agent for LLC Pakrut, CNMIM will also continue to be paid a commission of 5% on all goods procured. The Agreement, governed by the law of China, is valid until January 1, 2023.

 

Yu Lixian, Managing Director of CNG, commented:

 

"We are pleased to have re-signed this agreement with CNMIM, it will allow the Company to continue to benefit from CNMIM's purchasing power and increase our supply options."

 

Related Party Transaction

 

CNMIM is a substantial shareholder of the Company and, as a result, pursuant to AIM Rule 13, the entry into the Agreement with CNMIM is deemed to be a related party transaction. The Independent Directors of the Company namely Shi Xiuzhi and Li Yong consider, having consulted with CNG's Nominated Adviser, WH Ireland, that the terms of the Agreement are fair and reasonable insofar as the shareholders of CNG are concerned.

 

For further information please visit the Company's website (www.cnfgold.com) or contact:

 

China Nonferrous Gold Limited

 

Yu Lixian, Managing Director

 

Tel: +86 10 8442 6681

 

WH Ireland Limited

 

Katy Mitchell/James Sinclair-Ford

 

Tel: 0207 220 1666

 

Blytheweigh

 

Tim Blythe, Camilla Horsfall

 

Tel: +44 (0)20 7138 3224

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200910006094/en/

 
    CONTACT: 

China Nonferrous Gold Limited

 
    SOURCE: China Nonferrous Gold Limited 
Copyright Business Wire 2020 
 

(END) Dow Jones Newswires

September 11, 2020 02:13 ET (06:13 GMT)

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