DGAP-News: Anglo-African Minerals plc: Acquires 67.5% interest in 1 billion tonne bauxite resource in Guinea
(firmenpresse) - Anglo-African Minerals plc / Acquisition/Mergers&Acquisitions
08.07.2010 15:34
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Company: Anglo-African Minerals plc
Symbol: FSE: AMQ,
ISIN: IE00B66ML191
WKN A0N9YH
Release Date: 8 July 2010
Anglo-African Minerals Plc acquires 67.5% 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 AMQ has
agreed to acquire a 67.5% interest in TouguéBauxite 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 Tougué, 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 close to the planned rail routes to the coast recently
announced by Vale (1) and Bellzone Mining plc /China International Fund(2).
A bankable feasibility study will include the cost of a rail spur (probably
no more than 75km) to connect into one of these lines. 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 by the end of 2011.
As with all commodities logistics and transportation of raw material to
international markets is a prerequisite to the realisation of value. His
Excellency, the Honourable Mahmoud Thiam, Minister of Mines and Geology of
the Republic of Guinea stated 'This latest transaction demonstrates how the
development of infrastructure makes it easier for Guinea to attract foreign
investment to develop projects such as Touguéthat would otherwise remain
on the drawing board. Such projects will help bring about a
transformational change to the country's economy faster than anticipated.'
Mr Jon Harris, Chief Operating Officer of AAM and Director responsible for
West African development said 'this acquisition represents a step change to
our investment and support in Guinea and West Africa in general. In being
able to make cost effective use of planned infrastructure, which
substantially reduces the investment risk between resource and customer,
the Toubal project can be brought forward several years and liberate value
not only to AAM shareholders but to all stakeholders, notably the
government and people of Guinea.'
Completion of the transaction is anticipated by 30 November 2010.
(1) http://www.ft.com/cms/s/0/c10fc0ee-5481-11df-8bef-00144feab49a.html
(2)http://www.ft.com/cms/s/0/0094198a-6711-11df-bf08-00144feab49a.html
Contact:
Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20
73185383
St Andrews Securities
Harri Huuskonen - Anglo-African Minerals Broker
T +44 207 718 0060
M +44 773 928 6880
08.07.2010 15:34 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 08.07.2010 - 15:34 Uhr
Sprache: Deutsch
News-ID 23646
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Kategorie:
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