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China Goldmines

  • BY: Andrew Hore |
  • POSTED: 19/03/2010 |

China Goldmines has $23m in the bank and it is looking for a new business.

The Chinese mining assets were sold for a total of $25.7m in September 2009. There are warranties of $10m that expire in September 2010. China Goldmine’s NAV was $23.1m at the end of 2009.

China Goldmines has raised more than £35m during its time on Aim. The company did generate some revenues from mining gold but the mine needed $15m of investment and was suffering robberies.

The company is looking at mining and oil and gas projects. They should be producing or near production and have medium-to-low political risk. Non-resources businesses will be considered if they generate revenues, are profitable and a market leader in their sector. They should have a strong UK and/or European market position.

At 20.5p a share, China Goldmines is valued at £9.94m.

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