ADVERTISEMENT

HUN Mining agrees to sell mining units to Davies Corporation

In Hungary

The board of directors of HUN Mining announced late Monday the signing of a term sheet to sell most of the company’s subsidiaries to Davies Corporation.

The decision to sell was taken because of a lack of financing for the mining units and "financial problems caused to the company by third parties", the board said.

Before the sale, intellectual property, land and mineral exploration rights will be concentrated in the units while HUN Mining keeps a refuse pile of minerals with the aim of selling it to a third party.

Davies Corporation plans to acquire a 29% stake in HUN Mining and has negotiated to buy shares in the company from Servertech.

The board reiterated plans to acquire a stake in Dutch virtual mobile telecommunications company 6GMobile in a share swap.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.