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Bushveld Minerals Closes Acquisition of Stake in Namibian Tin Project
Friday 16 June 2017

16 June 2017 - South Africa and Madagascar-focused mineral development company Bushveld Minerals Ltd. (AIM: BMN) has closed the acquisition of a significant interest in the Namibia-based Uis Tin project through its Greenhills Resources Ltd. subsidiary, the company said.

Under the agreement Greenhills Resources acquired 49.5% in Dawnmin Africa Investments Ltd which is the 85% owner of the Uis Tin Project, subject to due diligence, from a consortium of Namibian shareholders).

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 Ltd and Sweltering Desert Investments 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 of Namibia and comprises three mining licenses, ML 134, ML 129 (B1 and C1) and ML 133.

Historic work confirmed a significant tin resource on all three licenses, the most significant of which is the ML 134 resource estimated at 70.3Mt at 0.14% Sn for a total potential resource of over 90kt of contained tin.

The project is held by Guinea Fowl Investments Twenty Seven Ltd, 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).

Greenhills Resources, Bushveld's tin platform, was established to develop a pan-African portfolio of tin assets with a near term production profile.

Bushveld Minerals is a mineral development company with a portfolio of vanadium, iron ore, tin and coal greenfield assets in Southern Africa and Madagascar.

The company's flagship platform, the vanadium platform, includes the Mokopane Vanadium Project, the Brits Vanadium Project, and the Bushveld Iron Ore and Titanium Project.

Its tin platform comprises the Mokopane Tin Project whereas the Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers, makes up the company's coal platform.
Date Published: 16/06/2017
Target: DawnminAfrica Investments/49% interest
Country: Namibia
Sector: Metals/Mining
Type: Stakebuilding
Status: Closed
Vendor: consortium of Namibian shareholders
Buyer: Bushveld Minerals Ltd