Global Resources Investment Tst PLC Portfolio Update (6041R)
September 22 2017 - 9:21AM
UK Regulatory
TIDMGRIT
RNS Number : 6041R
Global Resources Investment Tst PLC
22 September 2017
22 September 2017
LEI: 2138005OJKGWG3X4SY51
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT" or the "Company")
Portfolio Update
Early this year, Global Resources Investment Trust plc ("GRIT")
completed an A$1,250,000 investment in Kalia Holdings Pty Ltd
("Kalia"), a private Australian company that is the parent company
of a Papua New Guinean registered subsidiary Kalia Investments Ltd.
Kalia Investments Limited holds contractual rights to explore for
minerals and develop mines in the Tinputz district of North
Bougainville, Papua New Guinea which is prospective for gold copper
and other minerals. The area over which Kalia holds contractual
rights is known as the Tore Project.
Bougainville is one of the last undeveloped mineralised
provinces of the world. The island straddles the Pacific "Ring of
Fire" tectonic plate boundary, an ideal setting for the porphyry
copper-gold and associated epithermal gold mineralisation. Rio
Tinto developed the Panguna Mine (the world's largest copper mine)
in the 1960s until it shut down in 1989. During its 17 years of
operation Panguna Mine produced 3m tonnes of copper and 9m ounces
of gold.
Since GRIT invested in Kalia there have been several significant
developments. The moratorium on exploration and mining, in place
since 1971, was lifted and the President of the Autonomous
Bougainville Government announced that applications for exploration
licences would be accepted. Kalia lodged applications for the Tore
Project area on 19 June 2017, and in September 2017 Kalia completed
mining warden hearings in the Tore Project area.
On 18 September 2017, GB Energy Limited (ASX: GBX) an Australian
listed company exercised an option to acquire the outstanding share
capital of Kalia Holdings Pty Ltd, for the issue of new GB Energy
Limited shares.
GB Energy Limited has made an offer to GRIT of new shares for
its interest in Kalia Holdings. At this stage, GRIT will not be
accepting this offer but will instead be entering into a
Shareholder's Agreement with the company.
Going forward GRIT's investment in Kalia will be valued on the
"see through" value of the offer of GB Energy shares, which were
trading at A$0.015 on 21 September 2017. This is expected to give
the investment a value of at least A$4.4m (previously A$1.25m).
As at 21 September 2017, GB Energy has changed its name to Kalia
Limited (ASX: KLH)
Further announcements will be made in due course.
Enquiries to:
David ("Sam") Hutchins Tel: +(0) 20 7290
Investment Manager 8540
------------------------------------- ------------------
Martin Cassels Tel: +(0) 131
Maitland Administration 550 3760
Services (Scotland) Limited
Company Secretary and Administrator
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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