- Path Investments said it had agreed to acquire Zambia-focused mining group FGE, via the issue of shares in the company.

FGE owned 75% of Jagoda Tourmaline Extraction, which in turn owned the Jagoda licence in Central Zambia.

The deal would involve FGE being issued shares that would give it a 50% shareholding in Path Investments.

No cash payment would be made by Path as part of the consideration.

'Since the Company's IPO in March 2017 the directors of Path have sought opportunities in line with the stated strategy to rapidly deploy capital directly in near-production assets with low execution risk,' Path Investments said.

'Businesses with strong cash flow characteristics have been targeted, which in turn lend themselves to regular cash distributions to shareholders.'

'The acquisition of FGE by Path delivers on that strategy, broadened to include the resources sector in June 2019, which now brings opportunities in the new energy sector to the company.'

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