25 May 2012

Sable Mining in iron ore deal

16/11/2010 Robert Tyerman

Phil Edmonds' Sable Mining Africa has paid $6 million (£3.1 million) for a company owning extensive iron ore prospects in Guinea.

AIM-quoted Sable is buying Guinea Development Mineral Resources, which has a 1,107 sq km prospecting licence covering three permits in the West African country's mineral-rich Kissidougou area.

The permits lie between mining giant Rio Tinto's major Simandou project and AIM-quoted Bellzone Mining's Kalia project in what Sable describes as 'one of the world's largest underdeveloped iron ore and bauxite provinces'. According to the company, preliminary trenching has produced samples with iron ore grades ranging from 30.86 per cent to 57.78 per cent.

Arguing the Guinean government is encouraging iron ore developments to diversify from the country's traditional bauxite mining, Sable says power supply is available and, crucially, infrastructure is 'improving', with the government and Rio Tinto intending to build a 1,012 km railway from Simandou to the Guinean capital, Conakry. Chief executive officer Andrew Groves enthuses 'this is a potentially fantastic deal for Sable.'

Highlighted by Growth Company Investor at 21.5p in September, Sable shares, which have traded between 10.25p and 36.75p over the past year, now change hands at 31.75p, down 0.25p this morning, valuing the company at £294.5 million. They retain speculative appeal.

Tags: AIM, Commodities, Emerging markets, Mergers & acquisitions

Sector: Mining

Companies: Sable Mining Africa

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