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CIC Mining Resources Ltd

  • BY: Andrew Hore |
  • POSTED: 05/03/2013 |

Mining consultancy and advisory firm CIC Mining Resources Ltd has entered into an agreement with a Saudi Arabian intermediary to raise funds for three of its investee companies ahead of their flotations.

The plan is to raise £15m for each of Sino Reserves and CIC Fuels and £85m for Sida Group.

CIC has increased its interest in Japan-based CIC Fuels from 31.5% to 48.4% in payment for services provided. CIC Fuels is developing technology for the production of emulsion fuels.

Sino Reserves owns 46% of Sida, which is a Chinese oil import/export company with an oil bunkering and terminal licence. Initial construction of the oil terminal and bunkering facility started at the end of last year. Sida also has an option to acquire an oil refinery.

CIC will own 6% of Sino when it floats.

CIC has also increased its stake in CIC Gold and it now owns 48.5%. This company has three gold mining assets located in China and the Democratic Republic of Congo. One of the Chinese assets is likely to be sold to a nearby gold producer.

At 5.62p a share, down 0.5p, CIC is valued at £9.5m. That is still well above the recent placing price of 4p a share. Director Stuart Bromley capitalised loans of C$1.12m at the same price.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFFebruary2013_41.pdf

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