LONDON (Alliance News) - Central Asia Metals PLC on Wednesday said it is to exercise its option to acquire a further stake in Copper Bay Ltd, the joint venture behind the Chañaral Bay Copper tailings project in Chile.
Central Asia Metals will pay USD3 million to increase its shareholding in the company to 75% from 50% previously. The company acquired the original stake in the project in November 2013.
The funding will be used to conduct a definitive feasibility study on the project.
"We are pleased to announce this further investment into Copper Bay on the basis of the results of the pre-feasibility study. This investment represents Central Asia Metals' first step towards generating a robust project pipeline which gives the Company the opportunity to grow and to build upon our success at Kounrad," said Chief Executive Nick Clarke.
Shares in Central Asia Metals were up 0.3% to 186.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Central Asia Metals (CAML)