25 May 2012

African Aura in gold split-off

06/04/2011 Robert Tyerman

Iron ore play African Aura Mining is floating off its gold interests into another company, Aureus Mining, now heading for AIM. Steered by chief executive David Reading, Aureus will hold 100 per cent of the New Liberty gold deposit in the West African state of Liberia, holding an indicated and inferred resource of some 1.5 million oz at grades of between 3.4 and 4.17 grammes of gold per tonne of ore.

In addition, Aureus, which has also applied for a listing in Toronto, has interests elsewhere in Liberia in the Bea Mountain development area, a 14 per cent stake in another AIM concern, Stellar Diamonds, and 40 per cent of African Aura’s pre-demerger cash. Subject to shareholders’ approval, each African Aura shareholder is to receive one share in Aureus and one in African Aura, which will change its name to Afferro Mining.

Steered by Luis da Silva, also a non-executive director of Aureus, African Aura/Afferro boasts 38.5 per cent of the Putu iron ore project in Liberia, with an estimated 2.4 billion tonnes, where Russia’s Severstal is its partner, and 100 per cent of the Nkout iron ore project in Cameroon, holding an estimated one billion tonnes. Recommended by Growth Company Investor at 10p in its former incarnation as Mano River in 2008, and more recently at 96p and 136.5p, the shares have now reached 286p, valuing the company at £247 million. Hold on.

Companies: Afferro Mining , Stellar Diamonds

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