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Carnegie Minerals/Beacon Hill Resources
- BY: Andrew Hore |
- POSTED: 26/10/2008 |
- COMMENTS: Add yours
Carnegie Minerals is selling its stake in its existing projects and looking for new opportunities.
Carnegie’s Gambian heavy mineral sands assets were expropriated by the Gambian government and the mining licence cancelled. The project was approaching full production and there was already a stock pile. Since then it has been short of working capital. The £339,000 in the bank at the end of June 2008 but this is running out.
The company’s joint venture partner Astron has agreed to buy Carnegie’s 50% share of the assets in Senegal and Gambia for A$50,000. The documentation still has to be completed. The company’s intangible assets were valued at £489,000 in the balance sheet at the end of June 2008. Most or all of this is likely to be due to the projects being sold.
On top of that Carnegie is raising £150,000 gross via a placing at 0.25p a share. This cash will provide short-term working capital but it won’t last long.
These shares are being bought by manganese and iron miner Consolidated Resources.
Carnegie joined Aim on 14 August 2006 via a placing that raised £2m at 8p a share.
Rahul Singh will join the board. He is the founder of Dhunn-Carr, which invests in technology and resources companies in the US, India and Australia.
New contracts mean that the directors will reduce their fees to A$50,000 a year and the notice period from 12 to one month.
Carnegie is looking for resource projects around the world. It is already investigating a project in the US.
At 0.375p a share, Carnegie is valued at £310,000. Carnegie is changing its name to Beacon Hill Resources.
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