Namibia : Bushveld Minerals acquires stakes in Uis tin project

The AIM listed Bushveld Minerals has now entered Uis tin project in Namibia as it has completed 49.5% interest acquisition from Namibian shareholders in Dawnmin Africa Investments.

Thursday, the company said all the conditions precedent to the Sale of Shares and Claims Agreement entered into by its wholly owned subsidiary Greenhills Resources Ltd “have now been fulfilled and accordingly the acquisition has completed”.

In accordance with the terms of the agreement, 41 million ordinary shares of 1 pence each in Bushveld have been issued to the sellers.

Dawnmin holds interest in Uis tin project in the Erongo region of Namibia, one of the largest undeveloped opencast hard rock tin deposits in the world.

This, through its 85% shareholding of Guinea Fowl Investments 27 (Proprietary) Ltd while the remaining 15% in Guinea Fowl is held by the Small Miners of Uis, a Namibian Government entity.

Fortune Mojapelo, CEO of Bushveld commented : “The completion of the Uis tin project acquisition by Greenhills is a very significant step in delivering our strategy of establishing Greenhills as an attractive standalone platform.”

He also said “We will continue to build a critical mass of tin resources in Greenhills offering exposure to a pan-African tin portfolio with a near term production profile.”

Uis tin project comprises three mining licenses ML 134, ML 129 and ML 133. Especially, ML 133 is the most significant with an estimated 70.3Mt resource at 0.14% Sn for a total potential of over 90kt of contained tin.

Bushveld Minerals has a portfolio of vanadium, iron ore, tin and coal greenfield assets in Southern Africa and Madagascar.

The diversified mineral development company’s vision is to become the largest low cost integrated primary vanadium producer through owned low-cost high-grade assets.