Liberty Gold Corp. has signed a share purchase agreement for the sale of its interest in the Halilaga copper gold porphyry deposit, located in Biga Province, northwest Turkey, to Cengiz Holdings A.S.
Pursuant to the terms of the agreement, Liberty Gold and its joint venture partner, Teck Madencilik Sanayi Ticaret A.S., a subsidiary of Teck Resources Ltd., have agreed to jointly sell their 100% interest in the company that holds the Project to Cengiz for US$55 million cash, to be paid in three stages over a two-year period. Teck will then own 60% and 40% will be owned by Liberty Gold. Cengiz will acquire the project by purchasing the shares in a Turkish corporation held by Teck and Liberty Gold. Liberty Gold will receive a total of US$22 million.
Within Cengiz’s mining and metallurgy operations, Cengiz’s subsidiaries Eti Bakir Ticaret A.S. and Eti Aluminyum Ticaret A.S. own and operate copper, aluminium, antimony, phosphate and coal mines throughout Turkey and the Samsun Cathode Copper Smelter facility, Seydisehir Aluminium Electrolysis facility and Mazidagi Fertilizer and Metal recovery plants.