Sci-Tech approves Martabe gold acquisition

Shareholders of China Sci-Tech Holdings Ltd have voted in favor of the acquisition of the Martabe gold project in North Sumatra, Indonesia, from Oz Minerals for US$211 million. 

In addition, Oz Minerals will be reimbursed by China Sci-Tech for an estimated expenditure of US$7.5 million spent on the project between April 1st and the completion date. China Sci-Tech will fund the purchase from cash on hand and completion of the transaction and transfer of cash consideration is expected early next week. 

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