Kazax Minerals Inc. (TSXV:KZX) announced that it has wrapped up the acquisition of a 75-percent interest in the Lomonosovskoye Limited Liability Partnership GmbH, which holds unrestricted exploration and production rights for the Kazakhstan-based Lomonosovskoye iron ore deposit.
As quoted in the press release:
Following completion of the Acquisition, the LP is now owned 75% by Kazax and 25% by the Kazakhstan state agency Tobol. Pursuant to a subsoil use contract between the LP and the Ministry of Industry and New Technologies of Kazakhstan (“MINT”), the LP holds unrestricted exploration and production rights to the Lomonosovskoye iron ore deposit located in Kostanay Oblast Kazakhstan (the “Deposit”).
David Savage, president and CEO of Kazax, commented:
The completion of this acquisition is a key step forward for the company and paves the way for Kazax to move forward into an operational stage within 2013. We are very excited to have received all of the approvals from the Kazakhstan Government for this acquisition and we are appreciative of the support that the government departments involved have provided Kazax. We are well on track to complete all of the remaining approvals in the first half of this year and aim to commence operations in the third quarter of 2013.