×

Warning

JUser: :_load: Unable to load user with ID: 444

Metalsnews: British investment company Amedeo Resources announced on Thursday that it has acquired a 2.5% stake in Ganjine Kani Company for $500,000, a copper mining company close to the city of Mashhad in Iran.

The AIM-traded company said as part of the transaction, Amedeo has a five-year option to acquire a further 5% of GKC for $2 million.

AIM, formerly the Alternative Investment Market, is a sub-market of London Stock Exchange, which allows smaller, less-viable companies to float shares with a more flexible regulatory system than is applicable to the main market.

Amedeo said GKC is a producing miner and it also has the required infrastructure to produce copper concentrate from ore, UK portal Digital Look reported.

To date, around 1 million tons of ore have been extracted by GKC that contains, on average, 0.9% copper from its three mines.

Iranian studies estimated that the producing mine alone may have at least 6.5 million tons of copper ore with a 0.9% average copper content.

The extent of the ore and its copper content had yet to be confirmed to international standards.

Amedeo said GKC has been selling copper concentrate into Asia, including China.

MGR Resources, which trades and brokers iron ore and in which Amedeo has a 49% stake, intended to work with GKC to increase its supply of copper into East Asia and China.

“We are pleased to have made this acquisition, which will allow MGR to widen the commodities it trades and brokers and, at the same time, give MGR a captive supply of copper,” said Amedeo CEO Glen Lau.

According to its website, Amedeo’s investment policy is to invest primarily in the resources, energy and related infrastructure and asset sectors worldwide.

“The investment policy does not preclude investment in other sectors. The company may acquire controlling or non-controlling stakes and it may be an active or a passive investor. Investments may be either quoted or unquoted and may be in companies, partnerships, joint ventures or direct interests in projects.”

Iran is the leading copper producer in the Middle East and North Africa region, as it holds close to 14% of Asia’s copper deposits and about 3% of global reserves. 

The country holds about 4 billion tons of estimated reserves, according to the Geological Survey of Iran.

 

Source: Financial Tribune

  • Latest News
  • Most Popular

 


 

Hot events

  • Iran Alloy Steel Company; the Pioneer of Production

    Iran Alloy Steel Company is the first producer of alloy steel in Iran. This company posse one of the most equipped and modern plants in alloy steel production business and is capable of exporting its products to many developed countries such as Europe. Mohammad Ebrahim Ghadirian, CEO of the company…
    read more...
  • Foulad Nab Tabriz; Pioneer of Iran’s Steel Industry

    Foulad Nab Tabriz Company as a pioneer of the steel industry in the private sector was established in 2003 by Iranian-Turkish joint venture in the city of Tabriz in order to benefit from economic and industrial potentials of both countries. Preparation and foundation operations started in the beginning of 2004…
    read more...
  • Automobile with Iranian Galvanized Roll

    Galvanized roll has a lot of usage in different industries due to unique properties and also high resistance against corrosion. One of the largest consumers of this roll is automotive industry. In this regard, a factory for production of galvanized roll for coachbuilding has been built in Sefid Dasht region,…
    read more...
  • Iran Alumina Company Plan for 40 Years Activity

    Iran Alumina Company as the first producer of three strategic products "metal grade alumina", "aluminum hydroxide" and "alpha alumina" in the Middle East is active in Jajarm region in North Khorasan province activities and with the goal to complete the value chain in the region, have implemented the plan for…
    read more...
  • Foulad Nab Tabriz, a Pattern for Iranian-Turkish Joint Investments

    Foulad Nab Tabtiz has been establish by Iranian and Turkish partners and has an excellent track record in supplying Iranian domestic market demand for steel profiles in its ten years of successful production. Çetin Kaya the head of iron and steel division of NAB Holding, the Turkish partner, believes that…
    read more...

Featured photos and videos

cache/resized/aa7d917e71928f6a9ae69309a14eb771.jpg
Metalsnews: Tehran Stock Exchange’s main index
cache/resized/f7bd3787264080d9f828ea1e37767d36.jpg
Metalsnews: HRC 2 mm thickness was USD 632/mt on
cache/resized/9f5a39817150ca6b13ba8fce8d9a7293.jpg
Metalsnews: Debar price was downward in Iran last
cache/resized/475bfb901212d0e67c24d635a5cda6cb.jpg
Metalsnews: Billet was downward during last week
cache/resized/09fd58b1711d14553d6a6f629ff81b22.jpg
Metalsnews: HRC 2 mm thickness was offered at USD
cache/resized/6b5e88a8c966eadd3d8e5ec244b48024.jpg
Metalsnews: Debar diameter 14-25 mm were offered
cache/resized/2a4dc3e8234ef34d103a4a5ab702c332.jpg
Metalsnews: Billet price started first week of
cache/resized/9fbb0027b1ff28e6cb538a97c9b1b9e2.jpg
Metalsnews: Iranian steelmakers produced 30
Template Settings

Color

For each color, the params below will give default values
Black Blue Brow Green Cyan

Body

Background Color
Text Color
Layout Style
Select menu
Google Font
Body Font-size
Body Font-family