25 May 2012

Berkeley Mineral seeks £5.8m

11/05/2011 Robert Tyerman

Zinc and lead play Berkeley Mineral resources (BMR) is looking for £5.8 million at 4p to buy a processing plant for its Zambian tailings project. The AIM-quoted company, headed by entrepreneurial sector veteran Masoud Alikhani, has entered into an underwriting agreement with Novum Securities to fund subscribers for the proposed placing, which the company suggests could accelerate by 10 months the development of its seven million-tonne high-grade zinc and lead tailings project at Kabwe, 110km north of the Zambian capital Lusaka.

Berkeley Mineral cautions that 'there can be no certainty the proposed acquisition will proceed'. But, if it does, Alikhani argues the deal will 'transform the company's prospects.' 

Last year, Berkeley raised £2 million at 1.5p and £6.6 million at 3.5p. The shares, floated in 2000 at 6.5p and highlighted by Growth Company Investor last August at 1.88p, now trade at 5.83p, down 0.45p this morning on the placing news, valuing the company at £50.25 million.

Partial profit taking might be prudent. But is worth retaining a significant chunk for potential further gains.

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Tags: AIM market, Masoud Alikhani, Novum Securities, Zambia, Zinc

Sector: Mining

Companies: Berkeley Mineral Resources

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