Hong Kong SAR – November 29, 2023 – Tongguan Gold Group Limited. (HKSE Stock Code: 00340) announced it has concluded an agreement to acquire a significant equity position in Vantage International Sarl (“Vantage”) through acquiring a majority stake in the holding company, Keyman Capital Limited. Vantage is a gold mining company operating a significant gold mining resource in the Republic of Madagascar.
Vantage is pleased to announce that it has successfully negotiated and closed an conditional agreement for Tongguan Gold Group Limited, a Hong Kong Stock Exchange- Main Board listed company, to acquire a significant equity position in Vantage. Additionally, Tongguan has agreed to extend an eight million US Dollar credit facility to Vantage, which will facilitate the exploration of the gold mining resources and to satisfy the conditions of the purchase agreement. Conditions include, without limitation, completion of a comprehensive resources study, comprising detailed drilling of the Vantage concessions and production of a qualified persons report and study. This will allow for an accurate valuation of the gold resources held by Vantage which at this stage (still subject to qualified persons report) is expected to have resources of no less than several hundred million US dollar’s worth.
“This is a significant step in the evolution of our gold mine and the implementation of our plan to capitalise and establish full-scale mining operations,” said Dr. Prasannan Nediyedath, Founder and CEO of Vantage. “We have consistently sought to attract participation to provide financial support and market access for our gold production, and Tongguan is an ideal partner. Its purpose and focus on its holdings in gold mines provides us with capital, expertise and a long-term offtake.”
Dr. Prasannan Nediyedath has been developing Vantage for several years, and is in close consultation with community leaders in the districts around the mine itself. He has established a purpose-driven non-profit organisation, Ong Vantage International Human Charity, which has already initiated and funded several community projects. As the gold mine develops, additional funding will be made available for community and environmental purposes to both mitigate the impact of the mine, and create sustainable benefits to the region that will endure well beyond the lifetime of the mine. One of the objectives of Vantage is to promote good governance by introducing various ESG initiatives for the local community and the environment at large.
“Madagascar is a country rich in natural and human resources that has long been neglected and poorly exploited, often not to the benefit of the Malagasy people,” said Rakesh Rajagopal, Managing Director and Co-Founder of Vantage. ” Vantage’s approach gives founders the ability to find market fit, address global business imperatives, and ultimately scale their ventures. We are on a mission to not only build a mine, but to build resilience and a lasting legacy in Madagascar.” Over time, we expect the accomplishment of the mission to attract global ESG funds.”
For the first time, a Hong Kong Stock Exchange-listed pure gold mining entity is investing in a gold mine in Madagascar. Benny Pang, another Co-Founder of Vantage commented that: “Riding on the Belt and Road Initiative, the acquisition by Tongguan is bringing funding from the Far East into Africa.” Mr. Pang further voiced his belief that this acquisition is a bellwether in a growth trend starting for mining assets on the HKSE. “Vantage’s network and profile are already generating strong interest from the Middle East and India, which will no doubt bring additional capital to the project. The expectation is that this acquisition, throughbacking from different Belt and Road countries including China, India and Middle Eastern powerhouses, would be the first of many investments into Africa,led by HKSE- listed companies
Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the results of mining exploratory studies. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties.
For media queries, please contact:
Dr. Prasannan Nediyedath
Founder and Managing Director
drprasannan@vantageinternational.biz
Media Contact
Company Name: Vantage International Sarl
Contact Person: Dr. Prasannan Nediyedath
Email: Send Email
Country: HongKong
Website: https://vantageinternational.biz/