Hargreaves Lansdown

Origo Partners puts Moly World stake up for auction

Fri 03 December 2021 12:15 | A A A

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(Sharecast News) - Origo Partners announced on Friday that it was putting up for auction its entire interest in Moly World - an unlisted British Virgin Islands-domiciled company that owns rights to mine molybdenum in Mongolia.

The AIM-traded firm owns 20% of Moly World's equity, with contractual rights to a board seat, as well as other rights.

It noted in its 2016 annual report that Moly World was the owner of an "advanced-stage molybdenum exploration project" in Mongolia, known locally as Mandal Moly, covering an area of 2,360 hectares 40 kilometres north of Tsagaan-Uul Soum in the northern province of Khuvsgul.

At the time, it said the project had a JORC near-surface compliant resource of 256,000 tons at 0.126% molybdenum.

"The company has subsequently disclosed further information regarding its investment in Moly World, in particular, in annual and interim reports," the board said in its statement, directing prospective bidders to those reports.

"Origo's interest in Moly World is being sold without any representations or warranties.

"Bids will be accepted until 5 January 2022."

At 0800 GMT, shares in Origo Partners were up 3.84% at 0.13p.

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