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Gippsland

  • BY: Andrew Hore |
  • POSTED: 13/02/2009 |

Gippsland Ltd’s nominated adviser and joint brokers have all resigned.

Seymour Pierce resigned as nominated adviser and joint broker on 11 February. Fox-Davies resigned as joint broker two days later. Gippsland says that it is keen to appoint one firm as nominated adviser and broker in order to cut costs. Management have been talking to potential nominated advisers and brokers for two months.

The shares were suspended at 2.25p a share after Seymour Pierce resigned on 11 February. That values Gippsland at £7.28m.

The Aim quotation will be cancelled on 12 March if a new nominated adviser is not found.

Gippsland plans to be one of the largest tantalum producers in the world when it opens its mine in Egypt at the beginning of the next decade.

Gippsland had A$409,000 in cash at the end of 2008. A further A$340,000 of development spending is planned in the three months to March 2009.

Total capital expenditure on the Abu Dabbab project is estimated to be US$173m. This was estimated when construction costs were high so the final investment could prove to be less than this.

Two German banks are carrying out due diligence for the project finance. 

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