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(Sharecast News) - Investment company Kazera Global has increased its interest in African Tantalum (Aftan) to 100%, it announced on Friday, having acquired a further 25% interest.
The AIM-traded firm said African Tantalum owns the Tantalite Valley Mine and the Tameka Shelf Company.
Additionally, it announced the appointment of Odilon Ilunga as an executive technical director to its board.
Kazera said it was acquiring the remaining 25% interest in Aftan from Warmbad Investment Holdings, with the acquisition cost of £26,008 being funded via the low-cost issue of 4,523,114 ordinary shares to the vendor, at a price of 0.575p each.
The board said the acquisition was completed for the same number of shares relative to the 75% interest it had previously acquired, despite "significant" resource upgrades and progress being made to the mine during the period, and the share price being "considerably lower" than at the time of the original acquisition.
It said the move completed Kazera's long-term planned strategy of acquiring total control over the Tantalite Valley Mine ahead of a "significant period" there, where the Orange River Pipeline building project was maturing.
Kazera noted that Aftan had de-risked JORC-compliant mineral resource estimates of 622,200 tonnes of lithium and tantalite resources in its first exploration phase at the mine since its first investment, with the second phase ongoing.
The board also said it was adding additional expertise with the appointment of Illunga, who it described as a metallurgist with "significant" experience.
"We are delighted to further increase our exposure to the high-value Tantalite Valley Mine at such favourable terms," said chief executive officer Larry Johnson.
"Being now based at the mine, I continue to see the value being unearthed as part of our exploration programmes and look forward to moving the mine onto its next phase of growth.
"As we finalise the program and mature our Orange River Pipeline construction planning we look forward to updating shareholders on further progress."
At 1218 BST, shares in Kazera Global were up 7.83% at 0.62p.
1 May 2024 21:47
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