25 May 2012

Zimbabwe coal cheer for Sable

06/04/2011 Robert Tyerman

Entrepreneur Phil Edmonds' Sable Mining Africa (SBLM) says its own geologist attributes 786 million tonnes of steam coal at Lubu in Zimbabwe.

The AIM-quoted company, chaired by Zambian-born ex-Test cricketer Edmonds, says it hopes to establish a formal industry-standard resource in the middle of this year for Lubu, which covers 19,236 hectares in the mineral-rich Hwange district of north-western Zimbabwe.

London-based Sable, steered by chief executive officer Andrew Groves, has also been building up its iron ore interests. The company, which spent £3.1 million before Christmas buying a business owning prospecting licences over 1,107 sq km in Guinea's Kissidougou area, has recently bought 80 per cent of Sierra Leone's Red Rock Mining for an undisclosed amount, mostly payable after certain milestones have been reached. Red Rock is owner of a lease on the Bagla Hills iron ore project in the south-east of the country, with a historical estimated resource of 838 million tonnes at 32 per cent iron.

Sable's shares have traded between 36.75p and 18.75p over the past 12 months and now change hands at 23.5p, valuing the company £218 million. With resource possibilities and country risk, they have speculative potential. 

             

 

Tags: AIM market, Andrew Groves, Coal, Phil Edmonds, Zimbawe

Sector: Mining

Companies: Sable Mining Africa

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