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LONDON (Alliance News) - Bushveld Minerals PLC Thursday said it is to acquire 50% of the Marble Hall tin project in South Africa from Acacia Resources Limited.
The AIM-listed iron-ore and tin exploration and development company with operations in South Africa, said it will pay GBP126,000 up front and has committed GBP270,900 to take the project towards pre-feasibility and another GBP315,000 after the pre-feasibility study is completed.
Bushveld said the Limpopo-region mine is awaiting clearance to expand the mineral rights holding to include a large site south east of Bushveld's Mokopane Tin project.
The Marble Hall tin project is currently a 50:50 joint venture between Lerama Resources and Acacia. Lerama holds the prospecting rights to the site.
Acacia is Bushveld's third-biggest shareholder with a 9.8% stake, according to the Bushveld website.
Bushveld shares were up 1.7% to 7.50 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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