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Royalty Update for Muratdere Project, Turkey
Royalty Update for Muratdere Project, Turkey.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2382S Oriole Resources PLC 08 March 2019 \n\nOriole Resources PLC \n('Oriole Resources' or 'the Company' or 'the Group')\n \nRoyalty Update for Muratdere Project, Turkey\n \nOriole Resources, the AIM-quoted exploration company operating in Africa and Europe, announces that is has been diluted to below 10% at the Muratdere copper-gold project in Turkey (the 'Project'), following further investment in the Project by its joint-venture partner Lodos Maden Yatırım Sanayii ve Ticaret A.Ş. ('Lodos'). As per the terms of the joint venture, the Company's remaining equity interest will shortly be converted to a 1.2% post Turkish tax net smelter returns royalty. Lodos is progressing with the Project in order to secure an approved Environmental Impact Assessment ('EIA'). \n \nHighlights\n- Oriole diluted to below 10% interest at Muratdere copper-gold project;\n- Lodos to exercise option to convert Oriole to 1.2% net smelter return ('NSR') royalty on future production;\n- Lodos progressing the Project to secure an approved EIA.\n \nOriole Resources CEO, Tim Livesey, said: \"We are pleased by the progress Lodos is making at the Muratdere project and we look forward to a positive response to their permitting submittal, taking us one step closer to realising value from this legacy asset. \n \nIn addition to the royalty with Lodos, we have several other assets in Turkey which we continue to monitor and support, with a view to future value creation for Oriole.\" \n \n \nFurther Information\nIn 2012, the Company received US$1.7m from the sale of a 51% interest in its wholly-owned Muratdere copper-molybdenum-gold porphyry deposit to Lodos, the wholly-owned mining investment company of Pragma Finansal Danışmanlık Ticaret A.Ş., a leading private Turkish financial institution and investment company (announcement dated 20 December 2012). Further payments by Lodos of US$0.5m and the completion of feasibility study saw them vest at 70% in the Project during Q1-2015 (announcement dated 11 March 2015). Following the Company's decision not to commit further funds to the Project (announcements dated 29 February 2016 and 1 February 2018), Oriole has continued to be diluted as Lodos has made further payments ...