Anatolia announces strategic relationship with Calik Miningadmin
Thursday, August 13th 2009
Anatolia Minerals Development Limited and Calik Maden Isletmeleri A.S. (“Calik Mining”), a subsidiary of Calik Holding A.S., have formalized an agreement to create a strategic relationship. The strategic relationship will allow Calik Mining to acquire up to a 20% interest in Anatolia’s Cöpler Gold Project (“Cöpler”) and outlines a structure for cooperation and cross-investment to explore and develop other mineral properties in Turkey. As part of the strategic relationship, Mr. Ahmet Calik will join the Board of Directors of Anatolia Minerals.
Calik Mining will initially subscribe to a 5% interest in Cöpler for US$12.6 million paid over the next 12-months and Anatolia will grant Calik Mining an option, until December 31, 2011, to acquire up to an additional 15% interest in Cöpler for an additional US$37.8 million, for a total consideration of US$50.4 million, or proportionate consideration based on the interest acquired. Anatolia is currently developing the oxide phase of Cöpler and expects initial production in 2010. The strategic relationship also contemplates cooperation and cross-investment to jointly explore and develop other mineral properties in Turkey on a 50/50 basis.
Edward Dowling, President and CEO of Anatolia stated, “Calik Group and its founder, Ahmet Calik, are among the most respected organizations and business leaders in Turkey. The Calik Group has developed successful strategic relationships with other western businesses across several industrial sectors. As the mining industry has moved into new areas of the world, the importance of forming strategic relationships with respected local interests has proven to be a key long-term success factor. This strategic relationship will help strengthen the sustainability and accelerate the growth of the Company’s mining interests in Turkey. We are very excited to be working with such an esteemed strategic partner.”
Ahmet Calik, Chairman of Calik Holding stated, “This strategic relationship with Anatolia Minerals on Cöpler Gold Project in Erzincan, Turkey, is an important first step for Calik Mining and demonstrates also a beginning of a series of commitments for Calik Group for making long-term investments in the mining sector of Turkey.”