Surface Transforms management deliver positive operational update 16.09.2019 Watch Now

Alexander Mining Pens Major Commercial Deal With Ebullio For Turkey

Mon, 3rd Feb 2014 09:27

LONDON (Alliance News) - Alexander Mining PLC Monday said it has signed a major commercial licence, financing and consultancy agreement with hedge fund Ebullio Group.

The mining and mineral processing technology company said that it will receive cash proceeds totalling GBP2.5 million royalties as it licenses its AmmLeach technology to Ebullio Commodities Ltd, part of the Ebullio Group, for use as it develops a large mining portfolio in Turkey.

Ebullio Group has signed a conditional agreement to acquire all of the assets of Red Crescent Resources Ltd, a specialist mining group with a range of base metals operations in Turkey, which is scheduled for completion on March 26.

Alexander said the acquisition has significantly accelerated the first commercial adoption of its Ammleach technology in Turkey and later in other countries.

Subject to technical studies, Ebullio plans to build a low cost plant using the Ammleach technology to process ore from the Red Crescent Resources zinc properties and to support high quality zinc cathode into the Turkish market.

Ebullio wants to create the most efficient and lowest cost producer of copper and zinc in Europe and to become the largest producer in Turkey by the year 2023, Alexander said.

Alexander's AmmLeach process uses ammonia-based chemistry to selectively extract copper, zinc, nickel and cobalt from ore deposits, as well as others.

Ebullio Group currently owns a 11.85% shareholding in Alexander via the Ebullio Resources Fund.

Alexander Mining shares were up 2.3% to 5.50 pence Monday morning, having touched 6.50p after the open.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright © 2014 Alliance News Limited. All Rights Reserved.

Related Shares

More News

Spreadex Builds 5.7% Stake In Alexander Mining After Transaction

(Alliance News) - Alexander Mining PLC said Friday Spreadex built a 5.7% stake in the copper mining firm following a transaction last Friday.Spreadex owned 250.0 million shares in Alexander

23 Aug 19 17:06

Alexander Mining Raises GBP475,000; Appoints Ex-Nu-Oil CEO To Board

(Alliance News) - Alexander Mining PLC said Friday its has raised GBP475,000 in a placing, the proceeds of which will go towards working capital and business development purposes.Alexander

9 Aug 19 11:28

Alexander Mining Hoping To Raise Cash Following Share Reorganisation

(Alliance News) - Alexander Mining PLC on Monday said it is mulling a share placing, at a discount, following a capital reorganisation.The share placing would be carried out at 0.045 pence

22 Jul 19 11:39

Alexander Mining Notes Accudo Plan For AmmLeach Licences On Projects

(Alliance News) - Alexander Mining PLC on Thursday said Accudo Metals Pty Ltd is working to use its licences for Alexander's AmmLeach leaching technology in multiple projects.Shares in

11 Jul 19 15:20

Login to your account

Don't have an account? Click here to register.