Kazera Global signs definitive settlement with Hebei Xinjian Construction

(Sharecast News) - Kazera Global said on Monday that it had signed a definitive settlement agreement with Hebei Xinjian Construction over the arbitration award relating to African Tantalum. The AIM-traded investment company said the agreement provides for total consideration of $10.5m, payable through a structured schedule ending in December 2029, with an initial $500,000 payment due by 6 July.

Hebei may also settle early for $9.0m if paid in full by the end of 2026, while Kazera said no ownership in Aftan would transfer until aggregate payments of $7.125m had been received.

Interim chief executive Richard Jennings said the agreement provided "enhanced certainty, meaningful downside protection and an attractive commercial outcome" compared with continued enforcement of the arbitration award.

Kazera said it intended, subject to legal, tax, working capital and regulatory considerations, to return about 80% of net cash proceeds received under the settlement to shareholders.

At 1032 BST, shares in Kazera Global were up 31.58% at 1.25p.

Reporting by Josh White for Sharecast.com.

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