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International Base Metals to divest 10% stake in Omitiomire copper project

International Base Metals Ltd. signed an agreement to divest 10% of its wholly owned unit, Craton Mining and Exploration Pty. Ltd., to Atlantic Tradeport Holdings Pty. Ltd.

The company said Nov. 27 that it will receive 50.0 million Namibian dollars, which will be used for developing the Omitiomire copper project in Namibia, held by Craton.

Craton has 600 shares on issue, all owned by International Base. The unit will issue a further 400 shares, 300 to the parent and 100 to Atlantic Tradeport Holdings, giving them a 90% and 10% interest, respectively.

As of Nov. 27, US$1 was equivalent to 13.77 Namibian dollars.