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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Armadale Capital Plc | LSE:ACP | London | Ordinary Share | GB00BYMSY631 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.725 | 0.70 | 0.75 | 0.725 | 0.725 | 0.725 | 439,245 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Coal Mining Services | 0 | -206k | -0.0004 | -18.00 | 4.23M |
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
30 July 2018
Armadale Capital Plc ('Armadale' or 'the Company')
Progress Update: Mahenge Liandu Graphite Project Feasibility Study
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce a positive update on the feasibility study underway at its Mahenge Liandu Graphite Project in Tanzania ('Mahenge Liandu' or the 'Project') ahead of an anticipated decision to mine in early 2019.
Overview
-- Multiple work streams underway to fast track completion of the
feasibility study and define Maiden Reserves ahead of an anticipated
decision to mine in early 2019
-- Diamond Drilling underway, the purpose of which is to obtain
representative samples for test work and product marketing. A total of
450m of drilling and 7 drill holes will be completed.
-- Reverse Circulation ('RC') drill rig mobilised on-site to focus on
upgrading the current JORC Resource of 51.1Mt at 9.3% Total Graphitic
Carbon ('TGC') to Probable and Proven Reserves
-- Airborne topographic survey now underway covering the area of the
proposed mining permit of 10km2
-- Environmental and Social baseline surveys now underway with an
environmental impact assessment (EIA) and relocation action plan (RAP)
expected to be submitted in 8-10 weeks
-- Finalised security arrangements with consortium of high net worth
individuals (the "Consortium") pursuant to financing facility
(announced on 20 October 2017) to provide up to GBP400,000 to support
the continued development of the Mahenge Liandu, with Armadale
entering into security agreements and a priority deed with each member
of the Consortium over the assets of Armadale.
Nick Johansen, Director of Armadale said,"The various critical work streams at Mahenge Liandu are all progressing extremely well, and we remain on course to make a decision to mine in early 2019 - meaning that with a fair wind, we should be producing graphite by H1 2020.
"We have already demonstrated that Mahenge Liandu is one of the most attractive graphite development assets globally; with lowest quartile opex and capex costs, an IRR of 122% and a 1.2 year payback.The Project NPV of US$349m is also a stark contrast to our current market cap of under GBP5 million.Combining these robust economics with ever-improving demand fundamentals for graphite, Armadale is ideally positioned to rapidly capitalise on this market opportunity and become a significant new high quality graphite producer within the next 18-24.
"I look forward to providing further updates regarding our progress in the coming weeks."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
**ENDS**
For further information, please visit the Company's website www.armadalecapitalplc.com, follow Armadale on Twitter @ArmadaleCapital or contact:
Enquiries: Armadale Capital Plc +44 20 7236 1177 Tim Jones, Company Secretary Nomad and broker: finnCap Ltd +44 20 7220 0500 Christopher Raggett / Simon Hicks Joint Broker: SVS Securities +44 20 3700 0093 Tom Curran / Ben Tadd Press Relations: St Brides Partners Ltd +44 20 7236 1177 Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a portfolio of investments, targeting the natural resources and/or infrastructure sectors in Africa. The Company, led by a team with operational experience and a strong track record in Africa, has a strategy of identifying high growth businesses where it can take an active role in their advancement.
The Company owns the Mahenge Liandu graphite project in south-east Tanzania, which is now its main focus. The Project is located in a highly prospective region with a high-grade JORC compliant inferred mineral resource estimate of 51.1Mt @ 9.3% TGC. Marking the project one of the largest high-grade resources in Tanzania, and work to date has demonstrated Mahenge Liandu's potential as a commercially viable deposit with significant tonnage, high-grade coarse flake and near surface mineralisation (implying a low strip ratio) contained within one contiguous ore body.
Other assets Armadale has an interest in include the Mpokoto Gold project in the Democratic Republic of Congo and a portfolio of quoted investments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180729005003/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 30, 2018 02:00 ET (06:00 GMT)
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