Emerging gold and base-metals producer Citadel Resources plans to take full ownership of the Jabal Sayid copper/gold project, in Saudi Arabia.
Citadel would pay its joint-venture (JV) partners Abdul Hadi Al Qahtani and Partners Maritime and Oilfield Services and Dr Said Al Qahtani $112,5-million for the outstanding 30% in Bariq Mining, the owner of the project.
The JV partners would be paid in a combination of up to 50% cash and shares. If 50% of the agreed price is paid in shares, the combined interest of the two JV partners in Citadel would increase to around 14,5%."
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