Last checked at 2 Jul 2020 10:45
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
2 July 2020
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Mining Licence Application Submitted
Armadale Capital plc (LON: ACP) the AIM quoted investment group focused on natural resource projects in Africa, is pleased to report that it has commenced the formal Mining Licence application process for its 100%-owned Mahenge Graphite Project (‘Mahenge’ or the ‘Project’) in south-east Tanzania.
Highlights
Mining Licence application process commenced on 16 June 2020 with the submission to the Department of Energy and Minerals on the 30 June 2020Project financing discussions with multiple parties remain ongoing and are progressing wellArmadale Chairman, Nick Johansen, commented:
“This is another significant step on our path in the development of the Mahenge Liandu Graphite Project. The lodging of the Mining Licence Application marks the culmination of a period of intensive work by our project development team and I would like to thank all those involved for their efforts thus far. Receipt of a Mining Licence for the Project will be one of the final and most important de-risking milestones for the Company and we look forward to being able to update further with regards to progress.
“In the meantime, the Company is also currently involved in intensive discussions with a number of parties with regards to securing a development partner to look ahead to construction. Our recently updated Definitive Feasibility Study reconfirmed the enormous commercial potential of the Mahenge Graphite Project and lends strong support to our ongoing discussions. In addition, separate workstreams are ongoing relating to offtake agreements, debt package finance for construction and project level development funding, all of which are advancing well and which we hope to provide further updates on in the near future.
“Armadale has continued to deliver a number of key value accretive milestones in recent months and we look forward to maintaining this momentum in the near term in order to continue to build value for shareholders.”
Mining Licence Application Process
The Mining Licence submission includes the Company’s local content plan, human resources plan, associated mine plans and infrastructure requirements.
The Company continues to have constructive dialogue with the Tanzanian Government officials and hopes to be able to provide regular updates on the progress of the Mining Licence.
Update on Financing
The Company is pleased to report following its recent update on Project Financing that discussions are continuing with a number of parties with the aim of securing a suitable development partner.
At present, the Company is engaged in regular discussions with regards to due diligence and is assisting other parties with detailed evaluations of the technical and financial aspects of the Mahenge Liandu Project and hopes to be in a position to update further with regards to progress on an MOU or agreement in the near future.
**ENDS**
Enquiries: |
|
Armadale Capital Plc Nick Johansen, Non-Executive Director Tim Jones, Company Secretary | +44 (0) 20 7236 1177 |
Nomad and broker: finnCap Ltd Christopher Raggett / Teddy Whiley | +44 (0) 20 7220 0500 |
Joint Broker: SI Capital Ltd Nick Emerson | +44 (0) 1483 413500 |
Press Relations: St Brides Partners Ltd Charlotte Page / Beth Melluish | +44 (0) 20 7236 1177
|
Notes
Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
The Company owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its main focus. The Project is located in a highly prospective region with a high-grade JORC compliant Indicated and inferred mineral resource estimate of 59.48Mt @ 9.8% TGC, making it one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu’s potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.
Other assets Armadale has an interest in, include the Mpokoto Gold project in the Democratic Republic of Congo and a portfolio of quoted investments.
More information can be found on the website www.armadalecapitalplc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200702005192/en/
Copyright Business Wire 2020