Muqasab's first move into gold is a 9.9% stake in Kalamazoo
Muqasab SPV paid $7.84 million for a 9.9% stake in gold developer Kalamazoo Resources.
Money from the Middle East is flowing into small, high-risk mining companies listed on the Australian sharemarket. Saudi Arabia and the UAE want to move beyond oil and gas.
Global Lithium Resources is being sold for $1.15 a share in cash to Titan Lithium Group. The deal is worth $330 million.
Titan Lithium Group is a private firm planning a lithium refinery in the UAE next year. Investment group Muqasab SPV bought $7.84 million of shares at 18c each for a 9.9% stake in Kalamazoo Resources.
Kalamazoo's chair said the stake took around six months to arrange and is Muqasab's first gold move. The government's Foreign Investment Review Board will review the $330 million deal.
The deal will likely face less scrutiny than an abandoned Abu Dhabi-led bid for Santos last year.
- $7.84 million for 9.9%
- Kalamazoo stake cost
- 18 cents
- Price per share
- $330 million
- Titan deal value
- 1.44 million ounces
- Ashburton gold project
Why it mattersKalamazoo's chair says the deal probably highlights the value people see in Australia's resource sector.
AustraliaAustralian shareholders in these small miners may see new overseas owners, and the Foreign Investment Review Board will review the $330 million deal.
✓ Claims checked against the source and corrected before publish. checked 4 h ago
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