Far East Gold secures first A$6.4 million investment tranche from partner Xingye [Video]

Far East Gold Ltd (ASX:FEG, OTC:FEGDF) CEO Shane Menere joins Proactive’s Tylah Tully to discuss the first $6.4 million tranche the company has received from Xingye Gold (Hong Kong) Mining Company Limited, marking a significant step in a strategic investment agreement.

Xingye Gold, a subsidiary of Inner Mongolia Xingye Silver & Tin Mining Co. Ltd, has secured all necessary Chinese regulatory approvals, enabling the transfer of A$6,391,669.60 to FEG.

This tranche is part of a three-stage conditional share placement valued at more than A$14 million, aiming to provide Xingye with a 19.99% stake in FEG at A$0.20 per share, a 47% premium over recent pricing.

Menere highlighted this investment as a pivotal milestone, aligning with recent strategic acquisitions and strengthening the company’s access to funding, technical expertise and partnership opportunities.

Xingye, China’s largest silver producer with a Shenzhen Stock Exchange listing and market capitalisation exceeding A$4 billion, brings experience in progressing greenfield mining projects to production.

This collaboration supports FEG’s goal of advancing its asset portfolio through to production, with provisions for potential future investments.

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