By Business Reporter
DIVERSIFIED mineral development company, Bushveld Minerals, which has a Southern African portfolio of vanadium, tin, coal, titanium and iron-ore assets, is taking steps to demerge its tin assets into a standalone tin listing on the London AIM.
The principal tin assets of the Bushveld group are the Mokopane Tin Project and the Zaaiplaats tin tailings project in South Africa, and the Uis Tin Project in Namibia. AfriTin Mining, which will house Bushveld’s tin resources, has near-term production potential at Uis Tin in Namibia.
The listing will provide for the raising of equity capital for the acquisition of the remaining 50.5 percent of Dawnmin, which indirectly owns 85 percent of Uis Tin. Bushveld will retain a 15 percent shareholding in AfriTin, which will be headed by Chief Executive Officer Anthony Viljoen, 40, who was instrumental in the development and listing on the Australian Stock Exchange of Lemur Resources, a coal project in Madagascar.
Bushveld shareholders, who must approve of the plan at a general meeting in Guernsey on 20 October, will hold an equal number of AfriTin ordinary shares.
Having built a critical mass of in-situ tin resources in South Africa and Namibia, the time is opportune for Bushveld to launch a dedicated tin platform, Bushveld CEO Fortune Mojapelo said in a media release The Uis Tin Project is one of the largest undeveloped opencast hard rock tin deposits in the world and has a history of significant tin mining and an estimated 70.3 million tons (Mt) of non-JORC resource at 0.14 percent of tin for a total potential resource of over 90kt of contained tin. Due diligence confirms a large well-developed pegmatite ore body with 0.3 percent tin commonly found in greisenised zones, estimated to host approximately 20 000 tons of tin
The project, located in the Erongo region, comprises three mining licenses – ML 134, ML 129 (B1 and C1) and ML 133. Historic work confirmed a significant tin resource on all three licenses, the most significant of which is the ML 134 resource estimated at 70.3Mt at 0.14 percent tin, for a total potential resource of over 90kt of contained tin.
Following due diligence work recently completed, the company has identified significant high grade zones that it recommends form the basis for early production, with pilot scale production at the existing plant, which is currently being refurbished by Erongo, targeted for 2017.
-Additional reporting by mining weekly
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