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China Africa Resources

  • BY: Andrew Hore |
  • POSTED: 16/07/2011 |

China Africa Resources, which is developing the Berg Aukas lead, zinc, vanadium project in Northern Namibia, is set to join Aim on 1 August. 

China Africa Resources has been set up by Aim-quoted Weatherly International, which is expected to have a 25% shareholding after admission, and 65% shareholder East China Mineral Exploration and Development Bureau to develop the Namibian asset and a full feasibility study will be started after the company joins Aim. The study will cost $3m and should be complete by the end of 2012. The mine will be brought back into production if it is deemed to be commercial.

The plan is to raise 4.7m at 40p a share and the company will be valued at 9.2m. The free float of less than 10% will be held by Weatherly shareholders.

Longer-term, the company may buy other assets from its shareholders.

Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf

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