25 May 2012

Oxus claims Chinese green light

17/11/2010 Robert Tyerman

Uzbekistan-focused Oxus Gold says the key Beijing authorities have approved a $185 million (£115 million) financing deal with its Chinese backers.

A consortium of Chinese companies, including Baiyin Non-Ferrous Group and the major state-owned CITIC investment group, bought control of AIM-quoted Oxus in January and agreed the funding package in June, to develop the company's 50 per cent-owned Amantaytau Goldfields joint venture in the Asian republic.

The deal required regulatory approval from the Chinese government and Oxus says this has now been granted. Executive chairman Richard Shead and his fellow directors say they are confident the financing will be completed during December.

Developing Amantaytau has been dogged by a succession of delays and problems ever since London-based Oxus was floated at 30p nine years ago and the shares fell as low as 4.5p during the past year. The Chinese approval has sent them up by 1.83p to 6.4p, valuing the company at £25.5 million and offering further speculative recovery appeal to the risk-friendly.

Tags: AIM, Commodities, Deals & contracts, Emerging markets, Fundraisings

Sector: Mining

Companies: Oxus Gold

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