News blog

Hambledon Mining

• BY: Andrew Hore |
• POSTED: 07/11/2012 |

African Resources Ltd is making a partial cash offer for Kazakhstan-focused gold miner Hambledon Mining. 

African Resources is offering 2p a share in cash for up to 60% of Hambledon. Shareholders can offer a portion of their shares in Hambledon and they could be scaled back if acceptances total more than 60%. The minimum acceptance required is 50.1%. African Resources and associated investors already own 9%. It has been more than five months since the share price has been at 2p, which values Hambledon at £19.6m.

African Resources is owned by members of the Assaubayev family, who will be able to help Hambledon to gain official approvals and acquire further projects. 

Hambledon owns the Sekisovskoye gold mine. The $5m acquisition of Akmola Gold still requires regulatory approval. The acquisition was announced in October 2011.

The Aim quotation will be retained.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf