China Nonferrous Gold Construction Supervision Service Agreement
30 November 2017 - 6:04PM
UK Regulatory
TIDMCNG
China Nonferrous Gold Limited("CNG" or the "Company")
Construction Supervision Service Agreement
China Nonferrous Gold Limited ?????????? (AIM: CNG), the mineral
exploration and mining company currently mining the Pakrut gold
project in the Republic of Tajikistan, is pleased to announce that
the Company's subsidiary,Kryso Resources Limited, has signed a
construction supervision service agreement with Xincheng
Construction Supervision Consulting Co., Ltd ("XCSC"). XCSC was
selected following a tender process to provide supervisory and
inspection services to CNG and its subsidiary LLC Pakrut in
relation to the construction of the tailings pond, backfill station
and accommodation quarters.
The contract price is calculated on the basis of a daily rate
per person and based on the Company's current expectations will
amount to 1.62 million RMB (approximately USD$ 245,000). Pursuant
to the terms of the agreement it will terminate on 31 October 2018,
being the expected date for the completion of the three
aforementioned constructions, although can be extended by mutual
consent.
XCSC is an associate of China Nonferrous Metals International
Mining Co., Ltd ("CNMIM"), the Company's 38.36% shareholder.
Pursuant to AIM Rule 13, the proposed supervisory contract is
deemed to be a related party transaction (the "Proposed
Transaction"). The Company's board of directors (excluding Wu
Xiang,Yu Lixian and Zhang Hao, who are appointees of CNMIM)
considers, having consulted with CNG's Nominated Adviser, Investec
Bank plc, that the terms of the Proposed Transaction are fair and
reasonable insofar as the shareholders of CNG are concerned.
For further information please visit the Company's website
(www.cnfgold.com) or contact:
China Nonferrous Gold LimitedYu Lixian, Managing DirectorTel:
+86 10 8442 6681
Investec Bank PlcJeremy Ellis, George PriceTel: +44 (0)20 7597
5970
Beaufort Securities LimitedJon BellissTel: +44 (0)20 7382
8300
BlytheweighTim Blythe, Camilla HorsfallTel: +44 (0)20 7138
3224
LEI: 213800N6OF4LUDO7WD522.2. Inside information
View source version on businesswire.com:
http://www.businesswire.com/news/home/20171129006382/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 30, 2017 02:04 ET (07:04 GMT)
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From Apr 2024 to May 2024
China Nonferrous Gold (LSE:CNG)
Historical Stock Chart
From May 2023 to May 2024