LONDON--(BUSINESS WIRE)--
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector: Investment Company
21 June 2018
Armadale Capital Plc (‘Armadale’ or ‘the Company’)
Result of AGM
Armadale, the AIM quoted investment company focused on natural resource projects in Africa, is pleased to announce that at the Annual General Meeting (‘AGM’) of the Company held earlier today, all resolutions were duly passed.
At the AGM, Non-Executive Director Nicholas Johansen made the following statement:
“2018 is set to be another active year for Armadale Capital as we advance our Mahenge Liandu Graphite Project in Tanzania (‘Mahenge Liandu’ or the ‘Project’) towards a decision to mine early next year. We have already proven the Project’s potential to be developed into a significant high-grade graphite mine, with potential to deliver a 400,000tpa operation over a 32-year mine life whilst generating meaningful value with an NPV of US$US349m and IRR of 122%. Our focus now is to make this potential a reality, and in support of this the Feasibility Study continues to progress well. This study will give us further insight into the Project’s commercial value and will also tie into further drilling due to be undertaken in the coming year to upgrade of our current JORC Resource of 51.1Mt at 9.3% TGC to Probable and Proven Reserves and to also provide concentrate samples to assist with ongoing discussions with potential offtake partners. We look forward to keeping shareholders updated on our progress and I would like to take this opportunity to thank all our shareholders for their ongoing support.”
**ENDS**
| Enquiries: | ||
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Armadale Capital Plc
Tim Jones, Company Secretary |
+44 20 7236 1177 | |
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Nomad and broker: finnCap Ltd
Christopher Raggett / Simon Hicks |
+44 20 7220 0500 | |
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Joint Broker: SVS Securities
Tom Curran / Ben Tadd |
+44 20 3700 0093 | |
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Press Relations: St Brides Partners Ltd
Susie Geliher / Charlotte Page |
+44 20 7236 1177 |
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.
More information can be found on the website www.armadalecapitalplc.com