21st Dec 2006 07:11
GVM Metals Ltd21 December 2006 GVM Metals Limited PLACEMENT TO ASIA ENERGY PLC GVM Metals Limited ("GVM") is pleased to announce that it has placed 12.2million new ordinary shares at a price of 20 pence per share (AUD 0.50) to AsiaEnergy plc (AIM : AEN) ("Asia Energy") to raise a total of GBP 2,440,000 (AUD6,100,000). GVM has invited Steve Bywater and Graham Taggart, Asia Energy's CEO and CFOrespectively to join the GVM Board as non-executive directors. A furtherannouncement regarding the appointment of Steve Bywater and Graham Taggart tothe board of GVM will be made shortly. The funds will be utilised in developing GVM's expanding coal interests in SouthAfrica. Simon Farrell, Managing Director of the Company said: "We are delighted to work with Asia Energy bringing our diverse coal interestsinto production. Steve Bywater and Graham Taggart bring enormous experience inoperating world class coal and iron ore mines and I look forward to their helpin what is going to be a very exciting and challenging period of the company'sgrowth". Steve Bywater Chief Executive of the Asia Energy said: "This is an exciting opportunity for Asia Energy as it looks to expand itsportfolio of investments in coal on a global basis. This transaction provides aplatform for Asia Energy to be involved in new and developing coal projects withGVM." Steve Bywater has a distinguished career in the resources industry, developingand operating a total of 14 large-scale open pit mining operations. Beforejoining Asia Energy in January 2006, he was Chief Operating Officer for RioTinto Coal Australia. In this position Steve oversaw seven mining operations,producing 60 million tonnes of saleable coal a year. He was previously General Manager Operations for Robe River Mining, a subsidiaryof North which subsequently became a subsidiary of Rio Tinto in 2000. He wasalso General Manager, Mine Operations, for Hamersley Iron Limited and GeneralManager at Mount Isa Mines in both Mining and Metallurgical Operations. Hisposition at Robe River Mining included management of both the port and railfacilities. Born in Britain and now an Australian, Steve has a B.Sc. in Engineering Geologyand Geotechnics from Portsmouth University and a M.Sc. in Rock Mechanics andExcavation Engineering from Newcastle-upon-Tyne University. He is a Fellow ofboth the AUSIMM (Australasian Institute of Mining and Metallurgy) and the AIM(Australian Institute of Management). Graham Taggart, an Australian, is a qualified Chartered Accountant with 25 yearsexperience in the resources industry with Rio Tinto. Prior to joining AsiaEnergy plc, Graham was Chief Financial Officer and Company Secretary for RioTinto Coal Australia, where he was responsible for a group producing some 60million tonnes per annum of thermal and coking coal. He was previously GeneralManager Commercial and Chief Financial Officer for PT Kaltim Prima Coal(producing some 20 million tonnes of thermal coal per annum), and before that hewas Director Finance for PT Kelian Equatorial Mining (producing some 500,000 ozof gold per annum), both Indonesian based. Asia Energy is a London based company quoted on the London Stock Exchange'sAlternative Investment Market (AIM) under the code AEN. The Company's primaryactivity is the development of the Phulbari Coal Project in Northwest Bangladeshinto a world class open pit mine. The mine will have a life of more than 30years and at full capacity will produce 15 million tonnes a year of mostlyexport quality metallurgical and thermal coal. Contacts: Simon Farrell - GVM Metals Limited+ 61 417 985 383 Olly Cairns- Corporate Synergy+44 (0) 20 7448 4400 Leesa Peters / Abby Singleton- Conduit PR+44 (0) 20 7429 6600 /6606 www.gvm.com.au This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MCM.L