Met1 executes formal agreement to acquire 80 Mile’s copper projects in Finland
Aim-listed Metals One (Met1) has executed a share purchase agreement to acquire the entire issued share capital of FinnAust Mining Finland from fellow-listed 80 Mile.
FinnAust holds certain licences comprising the Hammaslahti copper and zinc project, as well as the Outokumpu copper project, in Finland, which are both associated with former operating copper mines.
Upon completion of the deal, Met1 will own 100% of both projects and increase its exposure to copper in a Tier 1 jurisdiction.
Accordingly, Met1 is preparing to conduct drilling on Hammaslahti later this year and to advance geophysical surveys of targets at Outokumpu ahead of drilling.
In turn, 80 Mile will have the right to appoint a director to the board of Met1 and has earmarked Thomas Levin for this role.
80 Mile will also retain 100% of the rights to any industrial gases, including helium and hydrogen, associated with the projects, which are excluded from the transaction.
Met1 CEO Jonathan Owen says with the backing of new investors, the company is preparing to advance these two highly prospective copper exploration projects.
“Considering the historical expenditure on the licences, we believe significant value appreciation can be achieved with relatively modest exploration spend.”
80 Mile MD Eric Sondergaard says the divestment from FinnAust allows the company to sharpen its focus on emerging energy commodities, particularly industrial gases.
The transaction remains subject to consent from net smelter royalty holders on the licences, as well as regulatory approval in Finland.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
