LHKX Capital reaches agreement with Manganese mining company
(firmenpresse) - LHKX Capital reaches agreement with Manganese mining company
London, 11 June 2010, London Hong Kong Exchange Plc (“LHKX”) is pleased to announce that its group business LHKX Capital has negotiated an agreement to make a direct pre-IPO investment into a Manganese mining project and arrange for an accelerated listing on a European stock exchange via a reverse takeover in combination with a €16 million fund raising via private placement. In is LHKX Capital’s objective to retain a 30% shareholding in the listed Manganese mining company after the capital raisings are completed.
The highly productive Manganese mine is located in Eastern Europe and has a 20 year unexpired mining license. The current combined area of the mine covers in excess of 10,000 Hectares. The Manganese ore is at a reasonably high level of between 49-52%. There are also large deposits of Copper within the mine area, but at this time the LHKX agreement concentrates solely on the Manganese mineral reserves.
To date geologists have estimated that there are approximately 18,000,000 tons of ore within easy reach of the surface. Further samples have been taken in order to conduct a detailed mineralogy study. It is intended to conduct a full site survey and produce a report to estimate all mineral deposits at the mining site, which should also verify whether or not Copper deposits are present in commercially viable quantities.
Based on Manganese ore tests, a potential buyer has confirmed that they will proceed with an initial order of 5,000 tons of Manganese ore when the company can prove its ability to deliver. With a successful fund raising through LHKX Capital, it is expected that the Manganese mine production can be expanded to 10,000 tons per month within a short time frame.
In today’s market, the price for Manganese ore is US$ 200 per ton. The extraction cost to point of delivery is estimate at approx US$70 per ton. This equates to a net price US$130 per ton. Based on an initial production of 5,000 tons per month, the net income per month will be approx. US$ 650,000.
To calculate a current value for the mine, prior to the total geological survey, we estimate for 18,000,000 tons of ore at US$ 130 net and take a figure of 7% of the total (as the mine is well located, and the Manganese is accessible), the current value is estimated at US$ 163,800,000.
LHKX Capital expect that a senior level executive with a background in the international mining sector will join the board of the company with the objective to overview the management of LHKX Capital’s substantial interests in the mining sector. A further announcement regarding the proposed board appointment will be made in the short term.
About LHKX Capital:
LHKX Capital is a wholly owned group business of London Hong Kong Exchange Plc (“LHKX”) which is a UK domiciled holding company for a group of companies active in provision of innovative financial services and products mainly targeted at qualified retail class investors and traders.(www.lhkx.com). LHKX Capital has developed significant international deal-flow and Family Office investment networks and aims to participate in growth equity transactions at the pre-IPO and IPO investment stage on a 12 month exit horizon.
For further information please contact:
LONDON HONG KONG EXCHANGE PLC
Lynton House
7-12 Tavistock Square
LONDON WC1H 9BQ
United Kingdom
Tel.: +44 20 7 193 3853
Email: press(at)lhkx.co.uk
The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Leseranfragen:
LONDON HONG KONG EXCHANGE PLC
Lynton House
7-12 Tavistock Square
LONDON WC1H 9BQ
United Kingdom
Tel.: +44 20 7 193 3853
E-Mail: contact(at)lhkx.co.uk
Datum: 11.06.2010 - 14:10 Uhr
Sprache: Deutsch
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