Frontier is awaiting the approval of the Ministry of Industry and Trade of Kazakhstan to complete the acquisition.
The essence of the approval is a written statement by the ministry that the Government of Kazakhstan will not exercise its preemptive right to acquire Coville’s 50% interest in Benkala.
Frontier earlier reported that the transaction had been referred to Tauken-Samruk for review and subsequent ruling on whether or not it would like to be a part of the transaction.
Tauken-Samruk has now completed this review and its investment committee has ruled that it does not wish to exercise its pre-emption right.
Frontier currently has a 50% indirect interest in the Benkala copper project which is managed by a joint venture company, KazCopper.
The other 50% of Benkala is owned by Coville, a private Kazakh mining group with whom Frontier has previously announced a proposed merger which is conditional on the granting of certain government consents and approvals.
Frontier is a gold and copper exploration and development company focused on Kazakhstan.
