Mining consultancy and advisory firm CIC Mining Resources Ltd says that it has built up a portfolio of minority interests in companies that it has advised and some of these companies may float in the next two years.
This will help to unlock their true value. At the moment, CIC Minerals has net liabilities.
CIC Mining has a 43% stake in CIC Precious Metals Group Ltd , which has been set up to be a quoted vehicle focused on gold assets. The first two assets are in China and eastern Congo.
CIC Mining also owns up to 6% of China-based oil import and export company Tianjin Energy, 33% of heavy oil emulsion fuel technologies Emulsion Fuel and 9% of iron ore mines developer Sino Steel.
CIC generated revenues of C$1.18m in the nine months to October 2011. This enabled the company to move into profit. A profit of C$333,000 was reported but there was a cash outflow from operations of C$135,000.
Last summer, CIC Mining appointed Northland to replace Canaccord Genuity as nominated adviser and broker.
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