JOHANNESBURG (miningweekly.com) – Aim-listed Bushveld Minerals plans to acquire, through its Greenhills Resources subsidiary, an interest in the Uis tin project, in Namibia.
Greenhills will acquire a 49% interest in Dawnmin Africa Investments, which holds 85% of the Uis project, from a consortium of Namibian shareholders, including Namibian government-owned subsidiary Small Miners of Uis, Erongo Tin, Namuis, Havana Investments and Sweltering Desert Investments.
The project is one of the largest undeveloped opencast hard rock tin deposits in the world and has a history of significant tin mining. It comprises three mining licences – ML 134, ML 129 (B1 and C1) and ML 133.
Historic work confirmed a significant tin resource on all three licences, the most significant of which is the ML 134 resource estimated at 70.3-million tonnes at 0.14% tin for a total potential resource of over 90 000 t of contained tin.
Greenhills, Bushveld's tin platform, was established to develop a Pan-African portfolio of tin assets with a near-term production profile. The company continues to advance its stated strategy to build a critical mass of tin resources with a near-term production profile, to advance the projects towards production.
Under the terms of the acquisition agreement, Greenhills will conduct due diligence on the Uis project up to March 31, 2017. If a successful outcome is attained, Greenhills intends to acquire the initial 49% shareholding for a consideration equal to 41-million ordinary shares in Bushveld Minerals, or £650 000.
The proposed acquisition is also subject to regulatory approvals and negotiation of definitive agreements, including a share purchase agreement.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
