Executive Summary
The company is a diversified mining producer throughout central and southern Africa. The company mines copper, cobalt, coal, platinum, fluorspar and bauxite. The mineral division of the company is located in the Democratic Republic of Congo. The logistics division is located in South Africa and Zimbabwe. The company's copper and cobalt operations in the DRC are now productive and are supported by the cash generative trucking and logistics business. The three main production plants are the Luita facilities, the Kakanda concentrator and the Kambove sulphuric acid plant all contribute to output. The company is in the development stage of its coal assets in Mozambique and South Africa and its platinum assets in Zimbabwe. It aims to bring its South African fluorspar and Mali bauxite into production to provide further diversity.
Company History
The company is listed on AIM at the London stock exchange, first listed October 2002.
Current Events
- On 4 September 2009 the company announced that it had finalised the acquisition of 51% of the shares of SA Fluorite (Proprietary) Ltd for US$5.2 million. [1]
- On 16 July 2009 the company confirmed that it had received preliminary approaches concerning a possible offer for the company
- On 19 December 2008 the company announced its half year results to 30 September 2008 (see financials) but reported that since 30 September world markets had deteriorated and metal prices had collapsed. The company had taken action therefore to re-evaluate strategic objectives to focus on immediate value and reduce costs. In particular the company temporarily halted copper and cobalt mining operations due to a sudden steep decline in cobalt demand from China, and in the Democratic Republic of Congo has reviewed exploration expenditure in order to reduce the cost base. The company also said it would vigorously pursue the re-instatement of its voting rights in respect of its 47% holding in Copper Resources Corporation (CRC), which company had dis-enfranchised CAMEC when CAMEC failed to make an offer for the whole company after passing the 30% threshold specified in the CRC Articles of Association. The report also mentioned unrest in the Democratic Republic of the Congo is, but reported that the Company's operations are in the Katanga province in the South East and have been unaffected by the recent troubles in the far North Eastern areas.
Business Model
The company’s operations are located as follows:
- Mali –…
