GoldMet has acquired a further 11.6% share of Monument Mining, buying 24.1 million shares for Can$12 million and boosting its holding to 26%. The initial 14.4% stake was made just four days prior to this last acquisition, when GoldMet paid Can$7.2 million for 30 million common shares.

GoldMet is a private company based in the Netherlands, and has bought the shares under a stock purchase warranty.

Canadian gold producer Monument owns the Selinsing open pit gold mine in Malaysia which began commercial production in 2010. In May this year, the company announced a new senior management team to spearhead its Malaysian development campaign and in particular the Mengapur project.

Mengapur, in central Malaysia, was first discovered by a geological survey in 1979. Four historical phases of drilling were completed at the site by its former owner Malaysia Mining. Monument is carrying out due diligence drilling and will provide data for a feasibility study. It plans to spend Can$13.4 million on drilling, metallurgical tests and topographic surveys at the site during the next year.

The company’s president Robert Baldock says, “We are very pleased with this investment by GoldMet and to have a new major shareholder and supporter. This is especially so in these difficult market times. The investment at a premium to market demonstrates confidence in the company going forward and in its development plans in Malaysia. This new capital is not only without cost to the company but it removes the overhang from the market that has been an issue constraining the share price of Monument for a good while.”

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