26th Nov 2013 13:00
LONDON (Alliance News) - Bushveld Minerals Ltd. Tuesday said it wants to make further acquisitions in Africa, following a strategic review of newly acquired Lemur Resources Limited.
The South African-based iron ore, tin and coal development company said it is supportive of Lemur's strategy to further unlock the value in the Imaloto coal project in Madagascar and to pursue new investment opportunities in Africa.
Bushveld said it believes Lemur's acquisition and development strategy should focus on African opportunities, early stage exploration plays with potential to be scaled up, and materially developed near-cash-flow-producing assets.
The company also said it has moved Lemur's operational and financial base to Johannesburg to maximise synergies between it and Bushveld's other subsidiaries.
Bushveld Minerals shares were down 6.0% to 3.50 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Bushveld Minerals