DGAP-News: Anglo-African Minerals plc: Completes the acquisition of a 62% interest in 1 billion tonne Bauxite resource in Guinea
ID: 310156
Acquisition/Corporate Action
Anglo-African Minerals plc: Completes the acquisition of a 62%
interest in 1 billion tonne Bauxite resource in Guinea
06.12.2010 / 18:29
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Company: Anglo-African Minerals plc
Symbol: FSE: AMQ,
ISIN: IE00B66ML191
WKN A0N9YH
Release Date: 6 December 2010
Anglo-African Minerals Plc completes the acquisition of a 62% interest in 1
billion tonne Bauxite resource in Guinea
The Directors of Anglo-African Minerals plc (FSE: AMQ) the special
situations mining investment company are pleased to announce that AAM has
today completed the acquisition of a 62% interest in Toubal Group Limited
which owns Tougu? Bauxite and Alumina Corp S A ('TOUBAL') a company
incorporated in the Republic of Guinea.
Toubal owns a bauxite exploration licence covering 1,500 km2 close to the
town of Tougue?, which is some 85km east of Labe in central Guinea.
Previous Alusuisse exploration and recent work indicates potential reserves
of up to one billion tonnes of high quality bauxite. Al2O3 content ranges
from 41-47% with silica content being between 1% and 4%.
The permit area is some 75km north of the Trans-Guinean Railway that is
slated for rehabilitation by Vale. A bankable feasibility study will
include the cost of a rail spur to connect into this route and the port of
Conakry. Our plan is to bring the current resource estimate up to
JORC-compliant standards and then to fast-track the BFS in order to
conclude a mining convention with the Guinean Government as soon as
possible. To this end AAM is in negotiations with a number of consultants
ands experts to start its drilling programme in January 2011.
Mr Jon Harris, Chief Operating Officer of AAM and Director responsible for
West African development said 'I am delighted to complete this transaction
and to be in a position to take this project forward. The company will take
advantage of the new political climate in Guinea to develop Toubal and
liberate value not only to AAM shareholders but to all stakeholders,
notably the government and people of Guinea.'
Contact:
Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20
73185383
Mr Jon Harris - Chief Operating Officer Tel: +4420 73185386
St Andrews Securities
Harri Huuskonen - Anglo-African Minerals Broker
T +44 207 718 0060
M +44 773 928 6880
End of Corporate News
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105660 06.12.2010Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
von Ingo Faust" alt="Westdeutsche Zeitung: Hochtief =Datum: 06.12.2010 - 18:29 Uhr
Sprache: Deutsch
News-ID 310156
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