LONDON (Alliance News) - Bushveld Minerals Ltd. Thursday said its newly acquired Lemur Resources Ltd. has confirmed strategy to unlock value at the Imaloto coal project in Madagascar.
The mineral development company with several operations in Africa said Lemur plans to secure an independent power plant concession, commence an environmental impact assessment, and introduce a joint venture or strategic partner to assist with project development at the site in Madagascar.
Lemur said it also intends to deploy its cash resources to secure mining assets in Africa, with its focus on those opportunities with near-term production potential or exploration sites.
Lemur also said that it believes that, following completion of presidential elections in December, Madagascar will see a period of political stability and renewed economic activity in which Lemur can start achieving its goals.
Bushveld recently moved Lemur's operational and financial base to Johannesburg to maximise synergies between it and Bushveld's other subsidiaries. In addition, Bushveld announced Wednesday that it is opening out its operations to support Vanadium production at its iron ore project in South Africa, as part of a process it hopes will make it one of the world's biggest Vanadium miners.
Bushveld shares were up 4.4% to 4.80 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Bushveld Minerals (BMN)