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Phil Edmondsís BioEnergy Africa Ltd is switching from the biodiesel sector to become a mining shell focused on sub-Saharan Africa.
The company is changing its name to Sable Mining Africa Ltd and it will focus on early stage exploration and development mining businesses Namibia, Botswana, Zimbabwe and Zambia.
BioEnergy raised £8.6m at 12.5p a share when it joined Aim in September 2008. The shares closed the first day at 14.5p each, which valued the company at £48.2m.
At 12p a share, the shell is valued at £37.5m.
BioEnergy planned to produce ethanol from sugar cane produced in southern Africa. The clearing of the site of the Massingir project in Mozambique was started but the company found it difficult to raise the funding for its development.
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