Deal #4374

Kipoi copper mine

Tiger Resources originally obtained 60% in the project with 40% owned by Gecamines. The company later purchased the rest of the shares in the project and ceded 5% to Gecamines, according to the mining code. On 19 January 2018, the Company entered into the binding SPA and Royalty Deed with Sinomine. Under the terms of the SPA, Sinomine was to acquire 100% of the Company’s shares in its subsidiaries and its interests in the Kipoi Project, Lupoto Project and La Patience permit. In exchange, the Company was entitled to receive total consideration of US$260 million, comprising cash payments totalling US$250 million and the assumption of liabilities by Sinomine totalling US$10 million. Under the terms of the Royalty Deed, the Company was entitled to receive royalty payments from revenue generated from the sale of copper and cobalt by Sinomine of up to an aggregate amount of US$20 million. On 6 July 2018 the Company subsequently terminated the SPA it had entered into with Sinomine as terms acceptable to the Company were not achieved.