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Handa Mining announces completes acquisition of Mejillones Phosphate Project

Mining News - Published on Thu, 25 Oct 2018

Image Source: GlobeNewswire
Handa Mining Corporation announced that it has completed the acquisition of the Mejillones Phosphate Project in Chile from Buccaneer Holdings Limited. Handa issued 5,000,000 common shares at a deemed price of USD 0.065 per share, as consideration for the acquisition of the Project, which are subject to a hold period of 18 months. Additional common shares and cash payments may be made to BHL, subject to certain milestones. For further information on the Project and the consideration, please refer to the Company's news release dated January 28, 2018 and the new company website.

The Project consists of three exploration and eight exploitation concessions which cover a contiguous area of approximately 8,200 hectares situated south of the town and deep-water port of Mejillones approximately 60km north of Antofagasta in Chile. Handa has acquired a 100% interest in the Project.

Commenting on the Acquisition Jan Nelson, CEO, said that “The acquisition of the Mejillones Project is a significant milestone in the process of delivering Handa’s revived strategy. The Company has transitioned from early stage exploration in Africa and is now focused on developing near-term production assets that will deliver cash flow in order to transform the company into a producer. The Mejillones Project provides for such an opportunity in a world where increased population and the pressure to feed the world makes the mining of phosphate, to be utilized as fertilizer, one of the key commodities for a developing world. In parallel, the Board continues to identify similar opportunities which are cash generative."

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Posted By : Rabi Wangkhem on Thu, 25 Oct 2018
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