Tiger launches into Congo

Tiger Resources has acquired Congo Metals after paying US$12 million for the company.

Congo owns 60 per cent of SEK sprl, a company registered in the Democratic Republic of the Congo and the holder of the mining licences covering its Kipoi Project. The remaining 40 per cent of SEK sprl is owned by Gecamines, a DRC state owned company.

Funding for the payment was provided by drawdown of a US$12 million Loan Note Debt Facility.

A statement from Tiger said completion of the move to 100 per cent ownership of Congo is another step towards meeting Tiger's objective of being a copper producer by the end of 2010.