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Mineral & Financial Investments Ltd on Friday said its subsidiary has received a cash payment from Ascendant Resources Inc, in the first of two instalments related to its Portuguese mining investment.
The Cayman Island-based investment company announced that its wholly-owned subsidiary, Mineral & Financial Investments AG, has received a $2.5 million payment from Ascendant.
Ascendant is a Toronto-based mining company, focused on the exploration and development of the Lagoa Salgada project, located in the Iberian pyrite belt in Portugal.
The transaction falls under an agreement between both companies in relation to Portuguese mining company Redcorp Empreedimentos Mineiros Lda, and Lagoa Salgada, its polymetallic deposit located in south central Portugal.
The payment is the first of a two-part obligation, under which Ascendant can earn an additional 30% interest in the project, raising its stake to an 80% effective interest.
Ascendant is required to complete a feasibility study by June 22, 2023, in order to fulfil the second half of its obligation.
Mineral & Financial Investments said that feasibility work in Portugal is ongoing, and further updates will be provided in due course as appropriate.
Mineral & Financial Investment shares were trading 9.7% higher at 17.00 pence each in London on Friday morning.
By Holly Beveridge; Alliance News reporter
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