Caspian Sunrise receives further $7 million for mine disposals
Caspian Sunrise PLC on Wednesday said it has received a further $7 million payment relating to asset disposals worth a total of $88 million.
The London-based mining company focused on Kazakhstan’s oil and gas sector is in the process of selling two structures at its BNG mine, known as MJF and South Yelemes.
So far, Caspian Sunrise has received $69.1 million of the $88 million consideration. Of the $18.9 million outstanding, around $5.1 million is due over a 12-month period, which starts six months after the sale completes.
A further $13.8 million will be received quarterly over the next five years to match historical cost obligations.
The disposal is expected to complete before the end of August, following consent and license transfers.
Back in June, Caspian Sunrise delayed the release of its 2024 results due to the ‘transformative’ impact of the disposals at BNG, its primary contract area. The firm was suspended from AIM trading on July 1 after missing the reporting deadline. Later in July, regulators granted approval for the BNG disposals.
Caspian Sunrise is currently pursuing the acquisition of the Block 8 contract area, also in Kazakhstan, and said in June it was nearing the end of this process.
The firm’s shares remain suspended in London as of Wednesday.
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