Lack of resource funding moves company closer to junior miner status
[2008-12-23 17:04:40]
| Lack of resource funding moves company closer to junior miner status | |
| South Africa Dec 15,2008 Creamer Media's Mining Weekly, South Africa | |
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Consulting firm TWP’s subsidiary, TWP Finance, is aiming to own/operate various projects, building up to a significant portfolio, and ultimately spinning TWP Finance out to stand alone as a junior mining company that will be listed independently and separately in the next two to three years
TWP Finance was created to take advantage of the numerous opportunities available in the global resources and commodities industry, from exploration and development, right through to beneficiation and the processing of metals and minerals. The company currently has shareholdings in three projects, which it intends to increase to about ten projects in varying stages from preoperational to operational, and generating its own cash flow. One of TWP Finance’s acqui- sitions is the shareholding of just under 5% in a mineral resources company, African Eagle Resources. African Eagle Resources is exploring for and developing copper and gold deposits in Eastern and Central Africa, and is strategically positioned in Central Africa, with significant opportunities across a number of key commodities, notably copper, gold and uranium. It could also serve as a spring-board to the Democratic Republic of Congo and other countries. African Eagle Resources currently has operations in Tanzania, Zambia and Mozambique. Its advanced projects in Zambia include the Mkushi project, which are former openpit and underground copper mines and the Mokambo pro-ject, a copper project situated in the Zambian Copperbelt. The Ndola copper project is located in the southern part of the Copperbelt in Zambia, and the Sasare Eagle Eye copper gold project, in eastern Zambia. The four advanced projects in Tanzania are the Miyabi gold project, in the Lake Victoria Goldfield (LVGF) of Tanzania, the Rupa gold project, in the Musoma region of the LVGF, the Igurubi gold project, located in the south-eastern region of the LVGF, and the Dutwa gold, nickel and platinum-group metal project located in the Kilimafedha greenstone belt of the LVGF. African Eagle has applied for 11 mining licences in three new project areas, situated in Mozambique, all of which have been granted. The Niassa project in north-west Mozam-bique is prospecting for gold and uranium. The company is looking at selling the uranium or putting it into a bigger uranium vehicle to achieve a better return. African Eagle’s principal advanced projects, which are being fast-tracked towards production, are the Mkushi Copper mines, in Zambia, and the Miyabi gold project, in Tanzania. In the Tanzania nickel project, 130 out of 180 boreholes have been reviewed, and the company is expecting results statements later this year. The company also has a portfolio of earlier-stage projects, which offer substantial future opportunities. With an extensive portfolio of exploration assets in the minerals-rich and stable Eastern and Southern African countries, TWP Finance is trying to increase its exposure in African Eagle Resources. TWP Finance concluded a joint venture (JV) agreement earlier in the year with South African black economic- empowerment company, Increase Coal.TWP Finance has concluded a concept study and is currently looking at ways to bulk up this asset. This JV agreement reflects TWP’s commitment to becoming increasingly involved in early-stage exploration projects, both in Africa and around the globe. Coal and energy are two strategic areas in which TWP Finance is interested. TWP Finance’s third project is TRG Granite, which is situated 13 km west of Brits, in Mpumalanga, and produces Karee Classic block granite, known for its few flaws, for the local and export market. TRG granite is wholly owned by TWP Finance, and receives about R4 000/m3 for its A-grade material. There is potential for more exporting; however, the company is trying to establish the mining opportunity before seeking medium- to long-term marketing offtake partners. These projects allow TWP to leverage its skills base and intellectual property to create a good platform for investment opportunities. TWP Finance looks at early-stage and near-stage projects that can generate fast cash flow for the business and have commercial viability. TWP Finance CEO Dean Cunningham says: “There has been a significant inflow of projects because of the liquidity in the market, and the lack of resource funding. “The company has received and reviewed just over 200 projects, and is proceeding with about three others and is examining another three or four in more detail. “The rest have been found not to fit in with the company’s objectives.” The majority of projects are in Africa, primarily in the Southern African Develop- ment Community region. Expansion internationally is not being considered at the moment because of logistics concerns. |
Source: 环球石材网
Keywords:Stone; marble
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