Tiger calls time on Kipoi

DISAPPOINTING Democratic Republic of Congo copper miner Tiger Resources is to sell its Kipoi operation to Chinese interests for US$260 million.

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An initial payment of $230 million from Sinomine and Shenzhen Oriental Fortune Capital will “primarily be applied to the repayment” of debt that stood at $209 million at the end of November.

The other $20 million is due three months after the initial payment, with the balance of the consideration involving Sinomine assuming liabilities totalling $10 million.

Tiger could also receive a total of $20 million in royalties depending upon the copper and cobalt pricing realised by Sinomine.

Following completion of the deal Tiger will “consider potential opportunities that deliver value to shareholders, including capital management initiatives”.

Shareholders could be forgiven for...