Tin explorer Kasbah Resources Limited, 75% owner of the Achmmach Tin Project in Morocco, has announced its acquisition by TSX-V listed Asian Mineral Resources (AMR), which holds a 90% interest in the operating Ban Phuc Nickel Mine in Vietnam.
The mutually agreed deal will see the exchange of Kasbah shares for a combination of AMR shares and CHESS Depositary Interests (CDI) and Asian Minerals warrant CDIs options. The new Asian Mineral Resources will see Kasbah shareholders with 52.2% ownership and will be dual-listed on both the Australian Securities Exchange (ASX) and the TSX Ventures Exchange (TSX-V). Pala Investments Ltd is the largest current shareholder of AMR and, has committed to providing a pro rata share of any equity raising in relation to the Achmmach Tin Project, as well as an interim A$1,000,000 bridging loan to Kasbah as part of the deal.
At the beginning of August, Kasbah announced an updated DFS for the Achmmach project, which included exploitation of higher average tin grades and a drastically reduced project Capex based on a multi-stage “Small Start Option” (SSO) development plan.
AMR’s Chairman, Mr Jim Askew, commented: “We are very excited about the opportunity to team up with proven explorers and resource developers like Kasbah, as well as strategic players such as Toyota Tsusho Corporation and Nittetsu Mining Co. Ltd, and transfer our operating experience and knowhow to the successful development of the Achmmach Tin Project. Following completion and the positive results of the DFS, as a matter of first priority the combined company will proceed with considering project financing options for the Achmmach Tin Project.”