Tiger terminates deal to sell Kipoi

INDEBTED Tiger Resources has terminated a major transaction with a Chinese concern that was to have seen it divest the Kipoi copper operation in Democratic Republic of Congo and in the process, clear its debts.

Tiger terminates deal to sell Kipoi Tiger terminates deal to sell Kipoi Tiger terminates deal to sell Kipoi Tiger terminates deal to sell Kipoi Tiger terminates deal to sell Kipoi

Tiger said acceptable terms "were not achieved" on the deal outlined with Sinomine HK back in January, leading the ASX-listed company to terminate the deal.

What Tiger does next isn't known, with the company saying it's been working on a new life-of-mine plan for Kipoi that's expected to be completed within the next 6-8 weeks.

Under the terms of the Sinomine deal, Tiger was to receive total consideration of US$260 million, with an initial instalment of $230 million to have been primarily used for repayment of the company's outstanding banking liabilities - which stood at more than $210 million at the end of March.

Tiger is led by David Frances, who was appointed chairman at the end of 2017 and who assumed an executive role in February.

Kipoi produced 5...

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