Brainspark takes football stake 19/03/2010
As foreshadowed in the latest Growth Company Investor, investment minnow Brainspark is buying into Italian football club AC Ancona.
MD Jeff Rayner says geology is similar to AIM-quoted Centamin’s acclaimed Sukari project in Egypt
Gold and copper explorer KEFI Minerals is optimistic about its new gold licence applications in Saudi Arabia.
The AIM-quoted company, a 2006 spin-off from EMED Mining, has a 60-40 joint venture with the fifth largest Saudi construction group ARTAR, which has ten five-year licences covering 100 sq km. Australian managing director Jeff Rayner says five more applications are to be lodged this weekend in the ‘Arabian Shield’ area of Saudi, whose geology he suggests compares favourably with gold prospects in Indonesia.
Once worked vigorously in ancient days, Saudi gold deposits are attracting interest as the government is now promoting their development. Rayner says the geology is similar to AIM-quoted Centamin’s acclaimed Sukari project in Egypt and points to Saudi’s state-owned Maaden institution, which has so far established a resource of more than eight million oz of gold and raised more than £1 billion on the stock market.
Rayner says he believes KEFI’s areas will resemble Maaden’s narrow-veined structure. He points to Maaden’s cash extraction costs of below $200 an ounce, helped by cheap Bangladeshi labour, against a $930-plus market price.
Originally set up to probe promising Turkish gold prospects, KEFI is talking about potential joint ventures there with several Canadian companies, says Rayner. Floated at 3p, its shares now languish at 1.88p, valuing the company at £4.2 million.
£7,277 That’s what you would have in your portfolio if you had invested £6,000 into the six Company Watch recommendations in our April 2009 issue.
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As foreshadowed in the latest Growth Company Investor, investment minnow Brainspark is buying into Italian football club AC Ancona.
Gold producer Avocet Mining hopes its Wega acquisition will take 2010 group output to 200,000 oz after a flat nine months.
AIM shell China Evoline is understood to be contemplating the injection of some Chinese mining assets.