Renewed interest in Uis tinMajor buy-out completed Tin mining may once again be a possibility for residents of Uis. Bushveld Minerals Limited this week announced that it had acquired a significant interest in the Uis tin project. Under the agreement, Bushveld, through its subsidiary Greenhills Resources, now holds a 49% interest in Africa Investments Limited, which is the 85% owner of the Uis tin project.
Erongo Tin Ltd holds the 50.5% majority of the issued share capital of Dawnmin not held by the sellers. The sellers comprise: Namuis Ltd, Havana Investments (Pty) Ltd and Sweltering Desert Investments (Pty) Ltd.
The Uis Tin Project is one of the largest undeveloped opencast hard rock tin deposits in the world and has a history of significant tin mining. It is located in the Erongo Region and comprises three mining licences, Mining Licence 134, Mining Licence 129 and Mining Licence 133
Historic work confirmed a significant tin resource on all three licences, the most significant of which is the Mining Licence 134 resource estimated at 70.3 metric tons at 0.14% tin.
“The project is held by Guinea Fowl Investments Twenty Seven Limited, which is owned 85% by Dawnmin Africa Investments Ltd. The remaining 15% being held by Small Miners of Uis, a company wholly owned by the Namibian government,” Bushveld said in a statement.
“Greenhills Resources, Bushveld''s tin platform, was established to develop a pan-African portfolio of tin assets with a near term production profile.
“The company continues to advance its stated strategy to build a critical mass of tin resources with a near term production profile, to advance the projects towards production and to establish Greenhills Resources as a standalone tin platform offering exposure to a pan-African tin portfolio to investors,” Bushveld said
Its chief executive officer, Fortune Mujapelo, was quoted in the statement saying: “The completion of the potential acquisition would see Bushveld Minerals acquire a substantial interest in one of the largest undeveloped opencast hard rock tin deposits in the world positioning Greenhills Resources as one of the most significant tin platforms on Alternative Investment Market.
“This development is aligned with our long-stated strategy to establish Greenhills Resources Limited and Lemur Resources Limited as attractive stand-alone platforms with quality strategic partners and strong dedicated management teams to deliver long term shareholder value. For Greenhills this means consolidating a critical mass of mineable, low-cost resources with a near term production profile while for Lemur this means securing a quality power purchase agreement and an Independent Power Producer license for a thermal coal-based power generation play in Madagascar.”
OGONE TLHAGE