View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
August 12, 2009

China Approves GRAM’s Investment in PanAust

The Chinese Government has approved Guangdong Rising Assets Management's (GRAM) proposal to invest about A$216m in Australian miner PanAust. Investment group GRAM has received National Development Reform Commission approval for the placement agreement between the two companies announced

By cms admin

The Chinese Government has approved Guangdong Rising Assets Management’s (GRAM) proposal to invest about A$216m in Australian miner PanAust .

Investment group GRAM has received National Development Reform Commission approval for the placement agreement between the two companies announced in May, PanAust said.

Under the agreement, GRAM will acquire a 19.9% interest in PanAust by purchasing A$180m worth or shares at A$0.395 a share, and a further A$35m worth of shares at A$0.28 each.

Of the total investment, $100m of the proceeds would be used to pay back PanAust ’s project debt facility for the Phu Kham operation in Laos, PanAust said.

The approval process is expected to complete within the next few weeks, PanAust said.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology