Business
Acquisition of Tau-Cen
Caspian Sunrise plc has acquired Tau-Cen LLP for $0.7 million, comprising $0.35 million in cash and $0.35 million through the issuance of 5,223,881 shares at 5p each, marking its first non-oil and gas minerals investment. The Tau-Cen asset, located in Kazakhstan, holds potential for titanium, zirconium, gold, and rare earth elements, with exploration licences valid until 2031 covering 235.8 sq km. This acquisition will slightly increase the Oraziman Family Concert Party's shareholding to 50.63% of the enlarged share capital of 2,460,736,272 shares. Tau-Cen reported a loss of approximately £9,000 in the last 12 months. Disclaimer*
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \nCaspian Sunrise PLC\n(\"Caspian Sunrise\" or the \"Company\" and together with its subsidiaries, the \"Group\")\n \nAcquisition of Tau-Cen\n \nIntroduction\nThe Board of Caspian Sunrise is pleased to announce the acquisition of Tau-Cen LLP, (Tau-Cen) a Kazakh registered limited liability partnership, which represents the Group's first non oil and gas minerals investment.\n \nThe principal minerals of interest at Tau-Cen are titanium, zirconium and gold. Additionally,\nrare earth elements (REE) are bound within the zirconium concentrate in associated monazite and xenotime.\n \nBackground\nThe Tau-Cen asset is located in the Pavlodar region approximately 110 km from the city of Ekibastuz, in northeast Kazakhstan, an industrially developed area with established mining, metallurgical, and chemical industries.\n \nHistory\nThe Tau-Cen asset was first explored during the Soviet era when more than 180 drill holes were drilled with an average depth of 7 meters and a maximum depth of 20 meters where an average thickness of 2.6 meters of mineral enrichment was found. At that time beryllium and the rare earth metals scandium were also detected.\n \nPrincipal mineral targets\nTau-Cen management will target titanium oxide, zirconium (and associated REE) and gold deposits.\n \nRare earth metals\nRare earth metals are bound within the zirconium concentrate and are associated with inclusions of monazite and xenotime.\n \nThe concentration of total rare metals in the zirconium concentrate is 0.4%. The monazite contains the following distribution of rare earth elements: Lanthanum oxide 19%, Praseodymium 2.65%, Neodymium 11%, Samarium 1.74%, Europium 0.2%, Gadolinium 1.33%, Yttrium 2%. These will all be confirmed by the follow-up exploration plan over the next f...