Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
4 July 2017
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, notes the publication of draft legislation tabled in the Tanzanian parliament on 29 June 2017 and subsequent reports that the Tanzanian parliament has passed the Natural Wealth and Resources (Permanent Sovereignty) and the Natural Wealth and Resources Contracts (Review and Re-negotiation of Unconscionable Terms) bills. Armadale is active in the mineral industry in Tanzania by virtue of its investment in the Mahende Liangu graphite project. Armadale is awaiting confirmation that the draft legislation has indeed been passed and will seek advice as to any impact it might have on Armadale and the Mahenge Liandu project. The Company will provide further updates as appropriate.
For further information please visit www.armadalecapitalplc.com or contact:
Armadale Capital Plc
|+44 20 7236 1177|
Nomad and broker: finnCap Ltd
Christopher Raggett / Simon Hicks
|+44 20 7220 0500|
Joint Broker: Beaufort Securities Limited
|+44 20 7382 8300|
Press Relations: St Brides Partners Ltd
Susie Geliher / Charlotte Page
|+44 20 7236 1177|
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 40.9Mt @ 9.41% TGC. At least 32Mt of this resource has an average grade of 10.47% TGC, 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.