MMG Limited (MMG) has completed the sale of its 90% interest in Lane Xang Minerals (LXML), which owns the Sepon mine in Lao PDR, to Chifeng Jilong Gold Mining Co,. Ltd (Chifeng) for a total consideration of US$275 million.
“The sale of our interest in Sepon continues our commitment to create a portfolio of long life, high quality, base metal mining assets,” said MMG CEO Geoffrey Gao. “It follows the commissioning of Las Bambas and Dugald River and the sale of Century, Golden Grove and Avebury over the last two years.”
“Sepon’s current copper operation has a projected mine life to 2020 with potential to extend this through a primary gold operation. The sale of Sepon secures a new life for the asset as it transitions from copper to gold production.”
“We are proud of our partnership with Lao Government and Sepon’s achievements. We wish Chifeng, Sepon employees and all stakeholders every success.”
– ENDS –