6 Jan 2011 07:04
January 6 2011
Origo Partners divests stakes in Bumbat Consolidated Ltd and Altan Takhi Company
Origo Partners Plc ("Origo") today announced the divestment of its stakes in Bumbat Consolidated Ltd ("BCL") and Altan Takhi Company ("ATC").
In June 2010, Origo subscribed for US$1 million worth of equity equivalent to an approximate 11.3% interest in BCL. BCL is a company prospecting for coal, copper and gold projects in Mongolia. Origo's interest in BCL has been redeemed by the company for US$1.2 million.
Origo invested a total of US$3 million in consideration for a 30% stake in ATC in November last year. ATC owns a 100% interest in the Budag Tolgoi copper-gold prospect situated in the central copper belt of Mongolia. Origo sold back the ATC position to the majority shareholder at investment cost.
Commenting on today's announcement, Chris Rynning, CEO of Origo said:
"After a review of our evolving Mongolia portfolio of exploration projects, we have come to the conclusion that it is in our interest to divest our holdings in BCL and ATC. The divestment will enable us to focus our immediate efforts on our two flag-ship Mongolian assets, Gobi Coal & Energy Ltd and Kinkora Ltd as well as the longer term development of Huremtiin Hyar.
"We continue to see a healthy deal flow in Mongolia and remain attracted to those Mongolian resources assets which are set to benefit from growing Chinese demand, with a particular focus on copper-gold and coking coal projects. We intend to recycle the proceeds from the sale of our stakes in BCL and ATC into other Mongolian opportunities particularly where we can utilise our established in-country exploration team and influence the development of assets effectively."
For further information about the Origo please visit www.origoplc.com or contact:
Origo Partners plc: Chris Rynning (chris@origoplc.com) Niklas Ponnert (niklas@origoplc.com)
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+86 1390 124 6417
+86 1351 106 1672 |
Broker and Nominated Adviser: Liberum Capital Limited Simon Atkinson/ Ellen Francis
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Public Relations: Aura Financial Andy Mills / Nina Legge | +44 (0)20 7321 0000 |
Notes to editors:
Origo Partners PLC:
Origo is an AIM-listed private equity investor providing shareholders exposure to China-linked investment opportunities.
Origo has a significant portfolio of investments in a range of industrial sectors, including metals and mining, agriculture, renewable energy/clean tech and technology, telecom and media.
Origo invests directly in high growth Chinese companies as well as in companies based around the world with significant exposure to Chinese export markets.
In a move targeting the international mining sector that supplies Chinese infrastructure build out, Origo has developed an on the ground presence and mining portfolio in Mongolia.