suspension of opps in Tunisia19 Jan 2011 09:56
Maghreb Minerals suspends Tunisian operations
By BFN News | 09:26 AM | Wednesday 19 January, 2011
Maghreb Minerals PLC (MMS)
Tunisia fluorspar, zinc and lead mineral explorer Maghreb Minerals plc has suspended exploration activities at its Zriba fluorspar prospect in light of the security situation in the country. It said all staff had been sent home and the drill rig stored in a secure place. The situation would be monitored with a view to restarting activities as soon as possible. Meanwhile the company has appointed Nicholas Davidoff, 29, as non-executive chairman following the resignation of Richard Linnell, who remains an NED. Davidoff is employed by New York-based Firebird Management, affiliates of which control 56% of Maghreb and 67% of Sallies Limited through two managed funds. He is non-executive chairman of Sallies and a director of Kenya Fluorspar Company. The move follows agreements to acquire Firebird's interests in Sallies and KFC, announced previously. Linnell said Davidoff's appointment would help Maghreb realise its strategy of consolidating Firebird's fluorspar interests to enable the company to develop critical mass in the international fluorspar sector. Maghreb and Sallies have entered a fixed-term facility agreement under which Maghreb has agreed to provide Sallies with an unsecured facility of up to $8m to fund working capital needed to restart operations at the Witkop Mine. The company will provide Sallies with an initial advance of $2m. Story provided by StockMarketWire.com
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