Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Kincora Copper Ltd    KCC   CA49451A2074

KINCORA COPPER LTD (KCC)
Mes dernières consult.
Most popular
  Report  
SummaryNewsCompany 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Kincora Copper : Miner Kincora secures EBRD help to explore Mongolia

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/22/2017 | 04:09pm CEST

LONDON (Reuters) - Canadian-listed miner Kincora Copper (>> Kincora Copper Ltd) on Friday said the European Bank for Reconstruction and Development would acquire a 6.16 percent stake in the company for 1.4 million Canadian dollars ($1.1 million) to further its exploration in Mongolia.

LONDON (Reuters) - Canadian-listed miner Kincora Copper (>> Kincora Copper Ltd) on Friday said the European Bank for Reconstruction and Development would acquire a 6.16 percent stake in the company for 1.4 million Canadian dollars ($1.1 million) to further its exploration in Mongolia.

The funding is a departure from the bank's tendency to avoid financing exploration rather than fully-fledged projects because it is regarded as higher risk.

Eric Rasmussen, director, natural resources at the EBRD, said the bank could make an exception because of "an exploration gap" following the commodity price crash of 2015-16.

Kincora, which has acreage of more than 1,500 square kilometers in Mongolia, has begun drilling for copper, which is expected to be in high demand, especially in neighboring China as infrastructure projects and an anticipated electric vehicle boom spur consumption.

The company in August announced it had raised a separate tranche of funding of $5.92 million Canadian dollars.

The EBRD is one of the leading institutional investors in Mongolia and has already helped to fund Rio Tinto's (>> Rio Tinto Limited) (>> Rio Tinto) massive underground extension at the Oyu Tolgoi copper mine.

Since becoming involved in Mongolia in 2006, the EBRD has committed a total of 1.4 billion euros ($1.7 billion) to the Mongolian private sector through 86 projects.

Although Mongolia has great mineral potential, investors have been wary because of perceived geopolitical risk. Its prime minister was ousted earlier this month and the country has had repeated changes of government since its transition to democracy in 1990.

The EBRD has said its First Vice President Phil Bennett will visit Mongolia next week to meet the interim government and the business community. He will also visit Rio's Oyu Tolgoi mining project, a statement on Thursday said.

(Reporting by Barbara Lewis; Editing by Elaine Hardcastle)

Stocks treated in this article : Rio Tinto Limited, Rio Tinto, Kincora Copper Ltd
Stocks mentioned in the article
ChangeLast1st jan.
LME COPPER CASH -0.37% 6143 End-of-day quote.-14.45%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on KINCORA COPPER LTD
06/28KINCORA COPPER : welcomes a new cornerstone investor
AQ
06/25KINCORA COPPER : welcomes a new cornerstone investor
AQ
06/20KINCORA COPPER : Announces Results of Annual Meeting of Shareholders
AQ
05/24KINCORA COPPER : Issues Shares for Services
AQ
05/22KINCORA COPPER : Adopts Advance Notice Policy
AQ
05/18KINCORA COPPER : Announces Resignation and Appointment of Directors
AQ
05/17KINCORA COPPER : Adopts Advance Notice Policy
AQ
05/10KINCORA COPPER : announces resignation and appointment of directors
AQ
03/21KINCORA COPPER : announces retirement of director
AQ
03/16KINCORA COPPER : announces retirement of director
AQ
More news
News from SeekingAlpha
2017The Time Is Right For Industrial Metals Miners 
2016Mongolia Investors' Confidence Report 
Managers
NameTitle
Jonathan Spring President, CEO & Non-Independent Director
Anthony Jackson Chief Financial Officer & Director
John Holliday Independent Non-Executive Director
Ray Nadarajah Independent Non-Executive Director
Peter Leaman President-Exploration
Sector and Competitors
1st jan.Capitalization (M$)
KINCORA COPPER LTD0
BHP BILLITON PLC8.39%125 296
BHP BILLITON LIMITED12.72%125 296
RIO TINTO2.47%94 575
RIO TINTO LIMITED5.32%94 575
ANGLO AMERICAN6.95%30 739