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Stratmin to receive first Bass payment by year's end

The deal, worth £2mln, was announced in September but payment was delayed due to Bass's litigation proceedings which have now been settled.

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Bass will pay the first tranche of around £500,000 no later than December 31,

Stratmin Global (LON:STGR) is to receive its first payment from Bass Metals for the acquisition of a 25% stake in Stratmin’s Loharano mine in Madagascar before the end of the year.

Bass will pay the first tranche of around £500,000 no later than December 31, with the remaining £1.5mln deferred until the first quarter of 2016 to allow funding from a legal settlement to be completed.

The deal, worth £2mln, was announced in September but payment was delayed due to the litigation proceedings involving Liongold, a gold mining firm with assets in Ghana and Australia.

Australian-listed Bass has now settled the court case with Liongold, and will be paid A$2.5mln (£1.17mln) in a series of staged payments.

Brett Boynton, chief executive of Stratmin, said: “They (Bass) are now positioned to complete the initial tranche of our deal and further capitalise their company to fund the expansion of our graphite production through their investment in Graphmada.”

While the legal proceedings took place, Boynton said Stratmin has made “significant headway” on the refurbishment programme at the site.

Updates on production and interim results from the exploration program are due shortly, he added.

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