4 February 2012

Dwyka targets 1m oz

24/07/2009 Robert Tyerman

Africa-focused Dwyka Resources has set a one million oz target for new acquisition Minerva Resource’s Ethiopian gold project.

Now the West Australia based company’s £1.8 million paper bid for Minerva has gone unconditional, chairman and chief executive Melissa Sturgess says Minerva’s Tula Kapi gold prospect in Ethiopia should be in production in two years at the rate of 65,000 oz a year from a resource estimated by independent consultants to be in the region of one million oz. Since the offer is in shares, it leaves AIM-quoted Dwyka’s £6.3 million cash stash untouched, while giving Minerva sellers 12 per cent of the enlarged Dwyka.

Dwyka, which has already been through several incarnations since its flotation at 40p eight years ago, is retaining Minerva’s project team and will now concentrate primarily on the Ethiopian gold prospects, says Sturgess. The company’s nickel venture in Burundi is now seen as a five to ten year project.

Dwyka shares have had a rough ride since their original AIM float, trading between 17.5p and 2.5p over the past 12 months. Now 6.38p, valuing the company at £12.2 million, they have speculative appeal for sector fans.

Tags: AIM, Commodities, Mergers & acquisitions, Penny shares

Sector: Mining

Companies: Dwyka Resources

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