Strike purchases $36m stake in Apurimac
June 2, 2008
June 1st (WA Business News) – Strike Resources Ltd has exercised its Options to purchase a 38.5 per cent interest in Peruvian company Apurimac Ferrum S.A. for a total cash sum of over $36.2 million ($US34.5 million).
AF is the 100 per cent owner of the Cuzco and Apurimac iron ore projects in Peru.
From a pre-existing 12.5 per cent direct interest and a 17.15 per cent indirect interest in AF, Strike has now taken its total interest in AF to 68.15 pre cent.
In relation to this matter, it has come to Strike’s attention from D&C Group S.A.C, a shareholder of AF, that it is taking steps to suspend, the effects of the AF Shareholders Agreement as to Strike´s right to exercise the Options.
Based on clear and unequivocal advice from its Peruvian counsel, Strike believes that there is no legal basis for D&C Group’s claim.
Strike regards this action by D&C Group as a commercially opportunistic claim, designed
simply to secure a windfall gain, arising as a consequence of the increase in value of AF as a result of Strike’s good management of AF’s Peruvian iron ore projects.