Executive Summary

Carnegie Minerals plc is the holding company of a group of companies which hold a mining licence relating to mineral sands in The Gambia, where there are some known mineral sands deposits, and an exploration licence relating to mineral sands in Senegal, where the Directors believe there is significant potential for mineral sands production. This Company has known mineral sands deposits containing Zircon, Rutile & llmenite in The Gambia as well as substantial areas that are considered to be highly prospective for new Mineral Sand discoveries in adjoining Senegal. For The Gambia, the Group has signed a shareholders' agreement with Astron Ltd, a company quoted on the Australian Stock Exchange and the largest independent buyer of Zircon in China. As part of this shareholder arrangement, Astron has undertaken to fund the cost of bringing into production CMG's mineral sand resources in The Gambia.

 

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