mining news
12
07.13
African Eagle Resources, which is listed on
AIM and the AltX, has announced that it has
agreed to sell substantially all of its subsid-
iaries, assets and liabilities to Blackdown Re-
sources (UK) Limited, a subsidiary of Cienega
S.a.r.l, which is ultimately owned by Nick
Clarke and his family trusts.
Nick Clarke went to the Camborne School of
Mines graduating with a BSc in Mining and is
an entrepreneur, having founded and sold two
trading house businesses. The Clarke Fam-
ily companies have recently been investing in
mining related businesses around the world.
African Eagle’s decision has reportedly been
taken due to current weak market conditions
and the consequent inability of its directors
to identify any source of funding for the group
and for its primary project, the Dutwa nickel
laterite project in north-western Tanzania.
On 26 June 2013, African Eagle undertook
a restructuring whereby Blackdown Minerals
was incorporated as a new subsidiary of the
company, in preparation for its potential sale.
Blackdown Minerals is the holding company
Platinum Group Metals (PTM) reports that
development of the WBJV Project 1 plati-
num mine is progressing well. The north mine
twin declines are now developed to a length
of approximately 1 220 m. An underground
drive along the strike of the deposit has now
advanced on the Merensky Reef for approxi-
mately 130 m with no major offsets.
The first raise position into the Merensky
Reef panel has been reached and the raise
will commence shortly. The declines them-
selves are continuing and turns into devel-
opment headings targeting mine blocks be-
low the current development level are now
underway. Crews are currently achieving the
planned advance rates at the north mine.
A second set of twin declines at the south
mine is being developed into the orebody
1,8 km south of the north mine portal. Ad-
vance to date of the south mine declines is
approximately 60 m. The development of
these declines is progressing slower than
anticipated due to poorer ground conditions
than expected in the first 50 m vertical from
surface. The south declines are expected to
move out of poor near surface conditions
shortly and development rates will then im-
prove, says PTM.
As a result of the slower development rates
in the south mine and a one-month project
delay as a result of Section 54 safety work
stoppages, the targeted start date for first
Leading local and international suppliers to
the industrial and mining sectors will gain
valuable exposure to the Southern African
mining market at Electra Mining Botswana
2013. Exhibitors at the show – say the organ-
isers – will have the opportunity to network
with key decision-makers from Botswana’s
growing industrial and mining sectors, posi-
tion their company brand, grow their client
base, and launch new products and services
directly to their target market.
According the organisers, Botswana’s thriv-
ing mining and industrial sectors make it the
natural choice for the expansion of Electra
Mining Africa following many successful years
in South Africa as the largest mining, industri-
al, power and construction exhibition in Africa.
“We’re proud to announce that the Bo-
tswana Ministry of Minerals, Energy and Wa-
African Eagle to sell its assets to Blackdown Resources
for substantially all of the assets and business
of the group, including but not limited to the
group’s licences in respect of the Dutwa nickel
project, the Zanzui nickel and cobalt project,
its licences in respect of Igurubi and Msasa as
well as the 50 per cent interest of the group in
the Miyabi gold project in Tanzania.
Under the terms of the agreement, African
Eagle has agreed to sell 90 per cent of the is-
sued share capital of Blackdown Minerals (it
will retain the other 10 %) to the purchaser for
a total cash consideration of US$100 000.
African Eagle’s primary asset is the Dutwa nickel project in Tanzania, comprising twin deposits on neighbouring hills, Ngasamo and Wamangola. This is the
view from Wamangola towards Ngasamo (the big hill on the horizon). The two deposits are 6 km apart (photo: Arthur Tassell).
Electra Mining Botswana coming up
ter Resources has endorsed Electra Mining
Botswana,” says Gary Corin, MD of Special-
ised Exhibitions Montgomery, organisers of
the show. “The Ministry recommends stake-
holders to support the show as it is believed
the initiative will help diversify Botswana’s
mining portfolio.
“But its focus is not only mining,” contin-
ues Corin. “Based on the successful model
of Electra Mining Africa, the Botswana exhibi-
tion embraces mining, industrial, power gen-
eration and construction which cover a much
broader footprint drawing in many stakehold-
ers from the various sectors.”
Electra Mining Botswana takes place at
the Gaborone Fair Grounds from 3-5 Septem-
ber. Further details are available from Veda
Koekemoer, Charmainne Wood or John Ster-
ley on tel (+27 11) 835 -1565.
WBJV Project 1 platinum mine on course
concentrate production has been adjusted
by six months to mid-2015. The ramp-up pro-
file for production from this date forward over
the following two years is similar to previous
projections.
Surface development is on track, surface
earthworks and lay down areas are well ad-
vanced, major mill components have been
ordered and expected deliveries for all major
components remain on schedule. Power and
water requirements are expected to be pro-
vided as required. Eskom is currently install-
ing transformers for the initial 10 MVA service
to site. PTM and Eskom are working on a plan
to provide the site with a further 10 MVA for
commissioning and early production require-
ments, which will be sufficient for all mining
and milling operations until the full 40 MVA
service is delivered. The operation does not
require more than 20 MVA for several years.
