The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Anyone know how many months on from Dec 21 must this RTO be complete by? 6 or 12?
The article has an RNS number 0305V dated 09/12/21 it hasn't shown on here but it does show on the official LSE site so maybe we might hear something soon, fingers crossed.
https://www.londonstockexchange.com/news-article/market-news/agreement-to-acquire-copper-development-project/15243048
In which James Longley who is our Interim CEO and Finance Director made the following statement:
Plutus CEO, James Longley, said, "Located in an historically proven mining area, Mindouli is a significant copper development project with extensive exploration and feasibility work undertaken to date that represents outstanding value to current and prospective shareholders. Having nearly completed our due diligence process, we look forward to fast-tracking the Acquisition and commencing a programme that will in turn fast-track the Project towards production."
I see a reference on Twitter to Plutus Copper PLC. @plutus_Copper.
Anything to do with us as it seems very coincidental. Says it’s coming to the market in 2022
There is life out there. **** knows what is going on Fuss or how long it could take.
Thought we may have heard something by now.........
And no whisper, anyone heard anything?
Who knows. We need all the details first, what funds have been raised, how many more shares issued, if any, and other details. Once we re-list the SP will be what the market considered right so who knows. Just glad it’s (hopefully) moving forwards and we can get some value back….potentially.
Anyone has got any clue about the share price? Does it start from the price where it ends?
Our shares will be traded again.
Yeah, thanks for sharing it as I haven’t been able to find the RNS through the usual channels. Just saw Zak Mir mention it on twitter. Doesn’t even show up with the red dot on LSE
Thanks for sharing. Much appreciated.
DETAILS
The Mindouli Project - High Grade Chalcocite and Native silver
Mindouli is a large sandstone and limestone hosted copper deposit covering 372km2 in the Republic of Congo, with mining permits valid until 2036 and high-grade mineralisation occurring over a strike length of at least 1.2 kilometres.
Mining records show that a French company extracted 47,000t @ 19% copper during the early 1900s and since then the Project has been subject to a number of phases of exploration, both surface and underground. Initially the Project was explored and drilled by the BGRM in the 1950s and further explored by the Bulgarian geological survey in the 1970s.
Since 2009, the Project has been subject to over US$20 million of exploration expenditure a number of exploration programmes including surface mapping, grab and soil sampling, RC and diamond drilling, development of four exploration adits and completion of non-JORC compliant mineral resource estimates, which formed the basis for a Feasibility Study on the development of a substantial open pit and underground copper mining and SXEW processing operation to produce up to 100,000tpa of copper cathode.
In 2011, an Independent Chinese consulting company published a non JORC-compliant low-end Mineral Resource of 25mt @ 4% Cu and 50g/t Ag and high-end Mineral Resource of 35mt @6% Cu and 150g/t Ag. Using this, ASX-listed AusAmerican Mining Ltd published a JORC Code Exploration Target in 2014 of 15-30Mt at average copper grades of 3% to 5% based upon the assumption that mineralisation is at least 1.2km in strike length.
Looking ahead and given copper's robust market dynamics in line with its critical role in the new energy revolution and constrained supply, on completion of the Acquisition, the Company anticipates undertaking further exploration and resource drilling to publish a JORC compliant Mineral Resource and completing an updated Feasibility Study based on a large open pit mining operation and SXEW processing plant to produce copper cathode.
The Company and Mayflower have had consultants in the Republic of Congo in recent months completing site visits and holding various meetings with key stakeholders and governmental bodies.
The Republic of Congo has a very well-established Mining Code and has seen successful investment in the copper mining and exploration sector on the adjoining Mining License at the Gerald Group and China National Gold Group's operating SOREMI Copper-Lead-Zinc Mine.
Terms of the Acquisition
Plutus has signed HoTs to acquire 100% interest in Mayflower, which is a subsidiary of mining investment group, Mayflower Capital Investments Group.
The Acquisition is subject, inter alia, to the completion of due diligence, documentation, and compliance with all regulatory requirements, including the Listing and Prospectus Rules and as required, the Takeover Code. The Acquisition, if it proceeds, will constitute a Reverse Tak
Plutus PowerGen PLC / Ticker: PPG
9 December 2021
PLUTUS POWERGEN PLC
("Plutus", the "Group" or the "Company")
Agreement To Acquire Significant Copper Development Project
Plutus PowerGen PLC announces that it has signed Heads of Terms ('HoTs') with Mayflower Copper Limited ('Mayflower') to acquire rights to a 61% interest in a high-grade copper and polymetallic project, the Mindouli Copper Project ('Mindouli' or 'the Project'), located in a highly prospective and well-established copper and zinc mining region in the Republic of the Congo ('the Acquisition').
The Board believes the Acquisition to be transformative to Plutus, has the potential to generate substantial value to its shareholders and will position the Company as a major copper exploration and development company listed in London.
OVERVIEW
· Over US$20 million of historical exploration and drilling expenditure at Mindouli over the past 15 years has defined a large, high-grade sandstone and limestone hosted copper deposit extending over 1.2km in strike length and which is potentially one of the largest and highest-grade undeveloped copper projects in the world
· Project is located on a granted Mining License that extends over 372km2 and is valid until 2036
· The Mining License adjoins the Gerald Group and China National Gold Group's operating SOREMI Copper-Lead-Zinc Mine, which is a major producer and exporter of copper cathode and zinc and lead ingot from the Republic of Congo
· Non JORC compliant Mineral Resource of 35Mt at an average grade of 6% copper and 150g/t silver was determined in 2011 for the previous Chinese project owners, which formed the basis for a Feasibility Study that proposed a 1.25Mtpa open pit and 0.8Mtpa underground operation producing 85,000 to 100,000tpa of copper cathode
· Publicly reported JORC Code Exploration Target of 15Mt to 30Mt at an average grade of 3% to 5% copper was reported in 2014 by an ASX-listed company for the Project
· Historical copper production from Mindouli by the French in the early 1900s reported at 47,000t at an average grade of 19% copper
· The Acquisition will provide the Company and its shareholders with a significant position in the copper exploration and mine development sector and exposure to a commodity that is critical in the new energy revolution and constrained supply
Plutus CEO, James Longley, said, "Located in an historically proven mining area, Mindouli is a significant copper development project with extensive exploration and feasibility work undertaken to date that represents outstanding value to current and prospective shareholders. Having nearly completed our due diligence process, we look forward to fast-tracking the Acquisition and commencing a programme that will in turn fast-track the Project
Can you share the RNS plz?
WTAF? I bought shares in a biotech company in Cambridge ad looks like I'll end up with a share of a copper mine in the Congo, via some dodgy diesel generators that were turned on about 4 times!!!
Apparently so. No idea when the deal will be done and when we’ll be back for trading but at least it’s some good news. Be good to get more details on the mine and how much goods are in the ground. And where in the Congo, if remote then it could be costly to mine. Lots of unanswered questions but at least there’s some hope going forwards
RNS today stated that we're buying a copper mine in the Congo...
So here we are no 'near future' news as stated in the RNS of 20th Sept., and Friday the last day for anything??
Very true.
If Bens creek had of reversed into this we'd be laughing right now.
Thanks Mr E.
Hodge 1 more month or so and we will know either way.
It’s oh so quiet here. The longer this silence goes on the more my optimism is fading. Still holding out hope though, albeit a tiny bit
Halifax did the same with mine
Have been moved from my ISA to standard trading account. Anyone else noticed this???
Still got my fingers crossed for something to happen.