Equamineral Holdings has entered into an agreement with European Metals (UK) Limited to acquire the company's tin, tungsten and lithium assets in the Czech Republic.
Equamineral is currently conducting due diligence on the project and expects to seek shareholder approval to proceed with the acquisition at an EGM to be held late in February.
Upon successful completion of the acquisition, the company will be renamed European Metals Limited.
For further details please see the announcement to ASX dated 18 december 2013.
In addition, Equamineral Group Limited holds its interest in the Oyabi Project via its wholly owned Congolese subsidiary, Equamineral SA (ESA Congo).
The Republic of Congo (Congo-Brazzaville) is a democratic republic country in Central Africa with a population of 3.7 million and an economy dominated by oil production. Major international firms, including Total, Eni and Chevron have carried out oil exploration and commercial production for over 30 years.
Congo-Brazzaville enjoys relative political and social stability. Current mining legislation is progressive and largely supportive of foreign investment, putting the country on par with several others in the sub-region where iron ore is exploited. The country is member of the United Nations.
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