Macedonian lawyers cooperating with Karanović & Nikolić advised Central Asia Metals (CAML) in the acquisition of Lynx Resources, which operates the SASA zinc-lead mine in Macedonia. UK-based CAML agreed to purchase a 100% interest in Lynx Resources from Orion Co-investments III and Fusion Capital for EUR 340 million, making it the new owner of one the largest zinc, lead and silver mines in Europe.
The services performed by the team lead by Veton Qoku included a due diligence of the SASA mine, as well as conducting the merger filing process.
The SASA mine, located in the northeast part of Macedonia, is seen as a low-cost operation, with a strong track record, and a reserve base supporting production until at least 2032. Per annum, the mine produces approximately 30,000 tonnes of lead, 22,000 tonnes of zinc and 400,000 ounces of silver in concentrates.
CAML called the purchase of the SASA mine the perfect next step for the company. This move is seen as an exceptional opportunity for the company to acquire a high-quality asset which compliments their existing business.
Central Asia Metals is a copper production and mineral exploration company. It operates a copper mine in Kazakhstan and is trying to diversify jurisdictional and commodity exposure and grow its business. CAML is listed on the AIM segment of the London Stock Exchange. The UK company was searching for a new mine to buy for at least three years, and had gone through around 150 projects before settling on Lynx.
Lynx Resources was established in 2015 in order to acquire SASA in Macedonia. It was founded by Fusion Capital, a Swiss based mining management team with significant experience from senior roles at the world's largest zinc and lead mining and smelting company, and the Orion Mine Finance Group, one of the world's leading mining-focused private equity businesses with an active presence in Europe and who have approximately EUR 1.53 billion under management.