• Far East Gold secures A$14 million investment from major Chinese miner Xingye

  • Sep 5 2024
  • Length: 6 mins
  • Podcast

Far East Gold secures A$14 million investment from major Chinese miner Xingye

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  • Far East Gold Ltd (ASX:FEG, OTC:FEGDF) non-executive chairman Justin Werner joins Proactive’s Tylah Tully to discuss its strategic partnership with major Chinese mining company Inner Mongolia Xingye Silver & Tin Mining Co., Ltd through its subsidiary, Hsing Yip Gold (Hong Kong) Mine Company Ltd. The agreement involves an investment of more than A$14 million to give Xingye a 19.99% stake in Far East Gold to be executed through a three-tranche conditional share placement. Each tranche is priced at A$0.20 per share, representing a 47% premium on a recent placement and a 21% premium on the company’s last traded price. Xingye, valued at A$4 billion and the largest silver producer in China, brings significant technical expertise to support Far East Gold’s gold and copper projects in Indonesia. The investment aligns with Far East Gold's strategy following its pending acquisition of the Idenburg project. CEO Shane Menere emphasised the synergy between the companies, citing the funding and expertise provided by Xingye. The deal includes several conditions, including regulatory approvals in China and Australia. Additionally, Xingye may nominate a director to Far East Gold’s board following the completion of Tranche 2. An investor briefing is scheduled for September 6, 2024. #Proactiveinvestors #FarEastGold #ASX #XingyeMining, #MiningInvestment, #StrategicPartnership, #GoldExploration, #SilverMining, #CopperMining, #IndonesiaMining, #GreenfieldProjects, #SharePlacement, #TechnicalExpertise, #ChineseMining, #MiningCollaboration, #GoldProduction, #InvestmentAnnouncement, #MineralExploration, #MiningProjects, #ShenzhenListed, #MiningIndustry, #NonFerrousMetals #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews
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