Orsu Metals Corporation has received consent from the Kazakhstan Ministry for Investments and Development for the sale of its indirect subsidiary, GRK MLD LLP, which holds its interest in the Karchiga Copper Project in East Kazakhstan.
Orsu’s shareholders approved the sale at the company’s annual and special meeting on June 23, 2016. The sale remains subject to certain additional conditions precedent, including:
- The purchaser obtaining the requisite antimonopoly approval from the relevant Kazakh authorities or confirmation that such approval is not required;
- Orsu obtaining an amendment to the licences to delay commencement of production to the first quarter of 2019; and
- The issuance or renewal (extension) of technical conditions for connection to the electricity grid and to procure the sufficient water supply for the facilities of the
Karchiga project as well as other deliverables customary for transactions similar in nature to the proposed sale.
Karchiga copper deposit is in the Kurchumskiy Raion (district) of East Kazakhstan Oblast (region), 250km southeast of the regional administrative centre of Ust-Kamenogorsk and 120km southeast of the town of Kurchum.