Gold miner Centamin ramps up stake in Nyota Minerals

Egypt-focused mining company Centamin has increased its stake in AIM-listed Nyota Minerals to further develop the Arabian-Nubian Shield, an area of land that straddles parts of North East Africa and the Middle East.

Egypt-focused mining company Centamin has increased its stake in AIM-listed Nyota Minerals to further develop the Arabian-Nubian Shield, an area of land that straddles parts of North East Africa and the Middle East.

It includes regions of Egypt, Ethiopia, Eritrea, Sudan and Saudi Arabia and is highly mineralised.

The FTSE 250-listed gold mining company subscribed for 38.5m new ordinary shares for a consideration of £0.8m in the firm placing and a further 42.5m new ordinary shares for a consideration of £0.9m in the conditional placing announced by Nyota on Thursday.

Following the firm placing, Centamin will own 128.5m ordinary shares in Nyota equalling 17% of Nyota's enlarged share capital. Following the conditional placing becoming unconditional in all respects, Centamin will own 171m ordinary shares in Nyota, representing 19.87% of Nyota's enlarged share capital.

Previously, Centamin had been the holder of 90m shares in Nyota via its wholly-owned subsidiary Centamin Holdings.

Centamin's share price was down 2.43% to 54.30p at 11:12 on Thursday. Nyota Minerals' share price was unchanged at 2.20p.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020