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Aldridge to increase Yenipazar project holding to 93%

Monday, March 6, 2017 13:49
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Turkey-focused mines developer Aldridge Minerals Inc. (CVE:AGM) has achieved a key milestone in the continuing state-led compulsory land acquisition court process it declared on Monday.

At a recent hearing, the court reached a final land pricing decision on 13 land parcels representing 151,015 square metres.

The court determined a price of 6.19 Turkish lira per square metre for irrigated land and 3.05 Turkish lira per square metre for non-irrigated land, for an average of approximately 4.6 Turkish lira per square metre for this group of parcels. Following the classification of these parcels to treasury land, Aldridge will have acquired title to or have right to access approximately 93% of the Yenipazar project area.

The court determined price is significantly lower than the company’s voluntary offer of 5.1 Turkish lira per square metre upon land title transfer plus an additional deferred payment of $1.35 per square metre. At the current exchange rate of $1 to 3.7 Turkish lira, the company’s total offer amounts to approximately 10.1 Turkish lira per square metre.

The company believes that this decision sets a precedent for upcoming hearings related to the remaining 613,089 square metres of land and supports the company’s expectation that the land acquisition will be completed in 2017, subject to available funds.

The company will finance the state’s purchase of the applicable parcels within 15 days of the hearing. On March 30, the company expects the court to notify the land office to classify the land as treasury land. Aldridge will then have full access rights in accordance with Turkish mining law.

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