08/05/2008
African Eagle Resources will investigate listing in Zambia, whose Mkushi project could hold 10.7 million tonnes at 1.11 per cent copper.
The AIM-listed gold and copper explorer, which lost a slightly decreased £1.2 million last year, expects several significant developments this year, says chairman John Park. These include completing a bankable feasibility study for Mkushi, which could include an increased resource estimate and open the way to production, a new resource statement for African Eagle’s Mokambo copper project in Zambia and a possible share listing on the Zambian Stock Exchange, to ‘facilitate the entry of local investors and partners into the company’.
Last year, London-based African Eagle entered a joint venture agreement with fully listed Randgold Resources for its Miyabi gold prospect in Tanzania. Randgold began a drilling programme to increase the project’s resource estimate from 500,000 oz.
The company also listed its shares on AltX, the Johannesburg Exchange’s junior market, and raised the equivalent of £6.3 million in South Africa and £1.1 million in the UK. US group Phelps Dodge, now part of Freeport McMoRan, took five per cent of African Eagle to fund another exploration project, at Ndola.
Park says the company is considering other expansion possibilities, which might help bring the company to a size where it would feature on more fund managers’ radars. Floated five years ago at 6p, African Eagle shares hit 25.25p in 2005, but fell all the way to 7.75p last March.
Now 8.62p, up 0.62p this morning, they are a punt on recovery.
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