LONDON: 80 Mile PLC, an exploration and development company listed on AIM, FSE, and the Pink Market, announced Wednesday that it has signed a binding agreement to sell FinnAust Mining Finland Oy, its wholly owned Finnish subsidiary, to Metals One Plc.
The subsidiary holds licenses for the Hammaslahti Copper-Zinc Project and the Outokumpu Copper Project in Finland. Under the agreement, Metals One will acquire full ownership of the projects, while 80 Mile retains an equity interest in Metals One, which will increase following the transaction. Additionally, the company will maintain a free-carried interest in the industrial gas mineral rights associated with the licenses.
The Hammaslahti Copper-Zinc Project, a former state-owned Finnish mine, produced over 10 million tons of ore between 1970 and 1986. Recent drilling by 80 Mile identified previously unknown extensions of high-grade massive sulfides, with notable findings including 3.4 meters at 11.5% copper.
Meanwhile, the Outokumpu Copper Project encompasses the historic copper belt that included the famed Outokumpu Copper mine, which produced 57 million tons of ore at 3.1% copper from 1908 to 1988. Six drill-ready targets have been identified, with high potential for additional high-grade copper deposits.
Eric Sondergaard, managing director of 80 Mile, emphasized the strategic benefits of the sale. “This transaction represents a significant step forward for 80 Mile, delivering £250,000 in cash and a 10% equity stake in a recapitalized Metals One. Not only does it reduce our cost exposure in Finland, but it also ensures that we retain a free-carried interest in the industrial gas potential of the projects,” he said.