On 10 October 2011, European Nickel Spain S.L and European Nickel Holding Iberia S.L, both of which are wholly owned subsidiaries of ENK Plc, agreed to sell their interests in the Caldag Nickel project in Turkey to VTG Nikel Madencilik San. Ve Tic. A.S. a subsidiary of Turkish exploration and mining company, Oremine Madencilik San. ve Tic. A.S.
ENK Plc is an emerging mid-tier nickel laterite producer focused on growth with assets in Turkey, the Philippines and Albania and this transaction allows ENK to exit the Caldag project and re-focus its operations on its wholly owned Acoje asset in the Philippines.
The total price of the acquisition is US$40 million. A non-refundable deposit of US$6million has already been paid, with the remaining US$34 million payable no later than 15 November 2011.
Fasken Martineau advised ENK Plc in this transaction with a team led by Catherine Moss assisted by Liana Uzoziri, Allistair Booth and Mark Paton.