Altamin Limited (ASX:AZI) Completes Acquisition of Vedra Interest
Acquisition Confirmation
Altamin Limited (ASX:AZI) has successfully completed the acquisition of the 29.85% interest held by Appian Italy B.V. in Vedra Metals Srl. With the receipt of regulatory approvals in Italy, Altamin now holds a 100% interest in Vedra and the Gorno Project after settling the nominal initial consideration of €1.00 by its wholly-owned subsidiary, Energia Minerals (Italia) S.r.l.
Strategic Outlook
The acquisition allows Altamin to initiate a process for either a direct or indirect disposal of its interest in Vedra or Gorno Project, as well as to continue progressing towards a Final Investment Decision (FID) for the Gorno Project. Appian retains the right to elect between 15% of sale proceeds or a US$10 million royalty once the Gorno Project commences commercial production.
Future Developments
Altamin is assessing whether to advance the Definitive Feasibility Study (DFS) or the Mining Licence (ML) application, estimated to be submitted by June 2025, subject to relevant circumstances. Additionally, Vedra is currently conducting an environmental impact assessment related to the CIME exploration permit, which is expected to take approximately 12 months. The sole ownership structure of Vedra positions Altamin favourably for future developments towards commercial production.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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