25 May 2012

Funds in place, says Berkeley

02/08/2010 Robert Tyerman

Zinc tailings play Berkeley Minerals Resources has lined up funding for its potentially lucrative Kabwe project in Zambia, say advisers.

Chaired by entrepreneurial sector veteran Masoud Alikhani, ex-boss of AIM flop Cape Diamonds, the AIM-quoted company is understood to have three different funding sources standing by to provide the less than £4 million loan finance which spokesmen say will be needed to exercise options to buy additional zinc and lead tailings dumps at Kabwe, and meet other costs, to bring the total metal owned there to some 533,000 tonnes.

Berkeley, which already owns three dumps holding an estimated 98,000 tonnes of zinc and 27,000 tonnes of lead, left in the once highly-productive Kabwe mine by the inefficient mining methods of past years, says it expects the verification process on the tailings to be complete by the end of next month. Analysts suggest it would take little more than £11 million in loan financing to start production at Kabwe and even argue the project could be maklng £1 million a month after a year at current prices of zinc and lead.

Highlighted by Growth Company Investor in March at 1.65p, shares in Berkeley, which have fluctuated between 3.28p and 0.30p over the past year, now stand at 2.03p, valuing the company at £7.4 million. They have speculative appeal.

Tags: AIM, Commodities, Emerging markets, Fundraisings

Sector: Mining

Companies: Berkeley Mineral Resources

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