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Sable eyes expansion opportunities
Phil Edmonds' Sable Mining Africa is 'actively evaluating' prospects after $62 million (£40 million) annual losses.
Almost all the losses in the year to March occurred in the AIM-quoted company's bio-ethanol activities, from which it decided in November to exit in order to focus on mining.
Entrepreneurial Edmonds chairs British Virgin Islands-based Sable, which raised $125 million (£80 million) in April at 28p and has already been active in building up its mining assets. The company, steered by chief executive officer Andrew Groves, bought major stakes in South Africa's Delta Mining, with four major coal interests there and in Botswana, and Monaf Investments, with the Lubu coal concession in Zimbabwe.
Sable says its interests in South Africa and Botswana now include a metallurgical and thermal coal deposit at Rietkuil holding an estimated resource of nearly 200 million tonnes, the Springbok Flats project with a gross coal tonnage 'modelled' at more than two billion tonnes, the Limpopo project with a target of 400 million tonnes and 12 'greenfield' coal concessions in eastern Botswana covering 8,683 sq km. The company is working to confirm an initial 330 million-tonne coal resource for Lubu in Zimbabwe and is studying additional projects in southern, central and west Africa.
Ending March with $30.3 million (£19.4 million) cash, Sable has swollen its coffers with substantial equity raisings since then. Groves claims the further opportunities being studied will 'enhance our portfolio and potentially contribute to a considerable re-rating of our stock', citing the company's 'strong treasury' and 'the support of key institutions' to back this expansion.
Sable's shares, which have traded between 36.75p and 9.5p over the past year, now change hands at 21.5p, up 0.75p this morning, valuing the company at £199.4 million. They have speculative potential.
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