Auspicious Virtue Investment Holding acquires New Energy Minerals’ stake in Balama Resources

MOZAMBIQUE – New Energy Minerals, an Australian company, has finally closed the transaction which sold its Mozambique subsidiary, Balama Resources, to Auspicious Virtue Investment Holding. The company first publicized the sale back in February of 2019. The initial announcement said that New Energy had entered into a binding share sale and purchase agreement (SSPA) with Auspicious. The agreement was for the sale of New Energy’s remaining shares in Balara Resources, which constituted 50 per cent interest in the subsidiary. However, the transaction faced numerous delays, and was regularly extended. With…

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