Asian Mineral Resources Ltd. said May 14 that it agreed to sell its 90%-held Ban Phuc nickel mine in Vietnam to a company controlled by its in-country manager Stephen Ennor.
The mine has been on care and maintenance since October 2017, and the sale is part of the group's previously flagged strategic review.
Ta Khoa Mining Ltd. will assume US$3.5 million in liabilities of the mine's operating entity and will pay a certain percentage of the sale proceeds should it divest Ban Phuc within 18 months from the Asian Mineral Resources deal's closing.
Asian Mineral Resources will seek shareholder approval for the sale at a meeting in July.
"This transaction will allow Asian Mineral Resources to achieve an orderly and clean exit from Vietnam and move forward to focus on exploring new investment opportunities in resource based companies or other potential strategic options," President and CEO Duncan Blount said in a statement.