Asa Resource transfers licences to Zhejiang Hailiang

Asa Resource Group announced new developments in its partnership with Zhejiang Hailiang Company on Thursday, which was originally formed in 2013.

The AIM-traded company said the initial agreement covered its 4,721 square kilometres of land in the Katanga copper belt region of the Democratic Republic of the Congo, or 27 of the 33 licence areas in which it has a 100% beneficial holding.

In accordance with the cooperation and development agreement, Zhejiang had fulfilled the relevant investment and mining exploration obligations, and thus Asa has transferred 62% of its shares in Muya Resource to a subsidiary of Zhejiang.

"Now that the Zhejiang Hailiang has completed all its mining exploration obligations, paid all mining exploration expenses and fulfilled its investment requirements as stated in the CDA, Asa Resource Group shall accomplish the equity transfer transaction in accordance with the CDA, retaining a 38% shareholding in Muya Resource SARL and a 100% interest in five further exploration licences within the Katanga region,” said Asa executive chairman Yat Hoi Ning.

“Asa Resource Group will continue explore more business opportunities and strive to bring more benefits to our shareholders."