The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAAA.L Regulatory News (AAA)

  • There is currently no data for AAA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

IFC Exercises Kolwezi Option

16 May 2005 07:00

Adastra Minerals Inc16 May 2005 International Finance Corporation to Exercise Kolwezi Option Trading: TSX and AIM:AAA LONDON, U.K. (May 16, 2005) - Adastra Minerals Inc. ("Adastra" or "the Company")today announced that the World Bank Group's Board of Executive Directors hasapproved a proposed investment by its private sector arm, the InternationalFinancial Corporation (IFC), into Kingamyambo Musonoi Tailings Sarl, (KMT). TheIFC will acquire a 7.5% equity interest in KMT. KMT owns 100% of the KolweziCobalt and Copper Tailings Deposits ("Kolwezi" or "the Project") in theDemocratic Republic of Congo ("DRC"). "We see this decision by the World Bank Group as both a powerful endorsement ofthe Project's robust economics and as another key component of the Project'sfinancial structure," said Tim Read, President and CEO of Adastra. "The IFC hasjoined the Industrial Development Corporation of South Africa ("IDC") as both anequity investor and a potential lender when Kolwezi reaches its developmentphase. Moreover both these international organizations believe strongly inSustainable Development and recognize the important social, environmental andmacro-economic benefits that the Kolwezi Project will bring to the region." The IFC, as is also the case with the IDC, will acquire its shareholding in KMTat a price based on the allowable expenditures on the Project up to the date ofexercising its option, and will pre-fund its proportion (based on ownership ofClass C shares) of the estimated costs of progressing the Project to a financedgo-ahead decision. As a result of the IDC and IFC option exercises, Adastra'swholly owned subsidiary Congo Mineral Developments, will receive approximatelyUS$12 million in cash. The current share-holdings in KMT, a DRC-registered company, are: Congo Mineral Developments 82.5% Government of the DRC ("GDRC") 5.0% Gecamines, the DRC mining parastatal 12.5% Following the exercise of the IFC and the IDC options, the share-ownership ofKMT will be as follows: Capital Structure Shareholders Ownership Class of % of KMT % of class % of KMT Shares A 5.0 Government of the DRC 100.0 5.0 B 12.5 Gecamines 100.0 12.5 C 82.5 Congo Mineral Developments 78.8 65.0 IDC 12.1 10.0 IFC 9.1 7.5 _____ _____ 100.0 Total 100.0 About the International Finance Corporation The mission of IFC (www.ifc.org) is to promote sustainable private sectorinvestment in developing countries, helping to reduce poverty and improvepeople's lives. IFC finances private sector investments in the developing world,mobilizes capital in the international financial markets, helps clients improvesocial and environmental sustainability, and provides technical assistance andadvice to governments and businesses. From its founding in 1956 through FY04,IFC has committed more than $44 billion of its own funds and arranged $23billion in syndications for 3,143 companies in 140 developing countries. IFC'sworldwide committed portfolio as of FY04 was $17.9 billion for its own accountand $5.5 billion held for participants in loan syndications. About the Kolwezi Project Adastra's Kolwezi Project consists of two dams containing 112.8 million tonnesof oxide tailings, grading 1.49% copper and 0.32% cobalt, as determined by Dr.Isobel Clark of Geostokos Limited, a "qualified person" as defined by theCanadian Securities Administrators' NI 43-101. This resource has the potentialto host one of the world's largest and lowest cost cobalt producers. Such aproject would generate significant tax and foreign exchange earnings, as well asproviding local employment and contributing to the revival of the DRC's copperbelt infrastructure. About Adastra Adastra Minerals is an international mining company listed on the Toronto StockExchange and on AIM, in London, under the symbol "AAA". It is currentlydeveloping several mineral assets in Central Africa, including the KolweziProject and the Kipushi zinc mine in the DRC. Adastra's growth strategyemphasizes the creation of shareholder value through the development ofworld-lass resources in stable or stabilizing political environments. Ends Contact us: LondonTim Read Justine Howarth / Cathy MalinsChief Executive Officer Parkgreen CommunicationsT: +44 (0)20 7355 3552 T: +44 (0)20 7493 3713F: +44 (0)20 7355 3554 F: +44 (0)20 7491 3936E: london@adastramin.com E: justine.howarth@parkgreenmedia.com North AmericaMartti KangasThe Equicom GroupT: +1 416 815 0700 x. 243 +1 800 385 5451 (toll free)F: +1 416 815 0080E: mkangas@equicomgroup.com This News Release contains forward-looking statements within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 concerning theCompany's plans for its principal properties in the Democratic Republic of Congo("DRC"). These forward-looking statements are subject to a variety of risks anduncertainties which could cause actual events or results to differ materiallyfrom those reflected in the forward-looking statements, including, withoutlimitation, risks and uncertainties relating to political risks involving theCompany's operations in the DRC and the policies of other nations andorganizations towards companies doing business in such jurisdictions, theinherent uncertainty of production and cost estimates and the potential forunexpected costs and expenses, commodity price fluctuations, the inability orfailure to obtain adequate financing on a timely basis and other risks anduncertainties, including those described in the Company's Annual Report on Form20-F for the year ended October 31, 2004 and Reports on Form 6-K filed with theSecurities and Exchange Commission. This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
14th Jul 20208:05 amRNSStatement re Announcement by Asimilar
9th Jul 20201:10 pmRNSBoard Appointment
2nd Jul 20209:20 amRNSBlock admission application
30th Jun 20203:10 pmRNSStatement re Asimilar Interim Results
26th Jun 20201:22 pmRNSExtension of reporting deadline & portfolio update
22nd Jun 20204:35 pmRNSPrice Monitoring Extension
19th Jun 20202:41 pmRNSHolding(s) in Company
18th Jun 20204:41 pmRNSSecond Price Monitoring Extn
18th Jun 20204:35 pmRNSPrice Monitoring Extension
17th Jun 202012:46 pmRNSHolding(s) in Company
16th Jun 20204:41 pmRNSSecond Price Monitoring Extn
16th Jun 20204:36 pmRNSPrice Monitoring Extension
16th Jun 20209:30 amRNSAdmission of Placing Shares and Board Change
12th Jun 202011:30 amRNSResult of Extraordinary General Meeting
28th May 20207:00 amRNSBoard changes
22nd May 20208:41 amRNSNotice of Extraordinary General Meeting
14th May 20204:40 pmRNSSecond Price Monitoring Extn
14th May 20204:35 pmRNSPrice Monitoring Extension
14th May 20204:22 pmRNSRevised placing to raise £1.2 million
14th May 20202:06 pmRNSSecond Price Monitoring Extn
14th May 20202:01 pmRNSPrice Monitoring Extension
14th May 202012:19 pmRNSOptions over warrants in Asimilar Group plc
7th May 20205:42 pmRNSFurther re. proposed conditional placing
28th Apr 20207:00 amRNSUpdate on proposed placing to raise £1.26 million
17th Apr 20202:57 pmRNSHolding(s) in Company
17th Apr 20202:52 pmRNSHolding(s) in Company
17th Apr 20202:50 pmRNSHolding(s) in Company
16th Apr 202011:53 amRNSHolding(s) in Company
14th Apr 20207:00 amRNSHolding(s) in Company
3rd Apr 20203:24 pmRNSProposed conditional placing
30th Mar 202012:10 pmRNSInvestment in shares in Asimilar Group Plc
26th Mar 20201:25 pmRNSHolding(s) in Company
20th Mar 20202:15 pmRNSInvestment in warrants in Asimilar Group Plc
10th Mar 202012:54 pmRNSChange of Board Roles
28th Feb 20205:00 pmRNSTotal Voting Rights
27th Feb 202012:58 pmRNSHolding(s) in Company
27th Feb 202012:58 pmRNSHolding(s) in Company
27th Feb 202011:13 amRNSHolding(s) in Company
24th Feb 202012:24 pmRNSResult of Extraordinary General Meeting
10th Feb 202011:01 amRNSAvailability of circular
5th Feb 20203:49 pmRNSProposed conditional placing to raise £200,000
31st Jan 202012:17 pmRNSBoard changes
15th Oct 20192:10 pmRNSChange of Name
10th Oct 201911:09 amRNSResult of Extraordinary General Meeting
30th Sep 20195:00 pmRNSTotal Voting Rights
24th Sep 20191:51 pmRNSInterim Results for the period ended 30 June 2019
23rd Sep 20191:00 pmRNSCompletion of placing and other matters
20th Sep 201911:04 amRNSAvailability of circular
17th Sep 201911:19 amRNSPlacing to raise £125,000 and other matters
30th Jul 20191:39 pmRNSResult of Annual General Meeting

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.