Assmang has conditionally subscribed for a 19.9% interest in IronRidge
29 April 2014
Assmang has entered into a Share Subscription Agreement with IronRidge Resources Limited (IronRidge), an Australian registered company that is currently focused on the exploration of its iron ore prospecting licences in Gabon. In terms of the Share Subscription Agreement, Assmang has subscribed for a 19.9% equity interest in IronRidge for a consideration of GBP11.74million. The subscription will be completed pursuant to the fulfilment of certain conditions, which include the admission of IronRidge to the Alternative Investment Market (AIM) of the London Stock Exchange plc.
IronRidge holds three prospecting licenses in Gabon, covering approximately 5 352km2 , the exploitation of which could potentially create world class iron ore mining projects. The Tchibanga and Tchibanga North license areas in Gabon are located about 60km from the coast and the port of Mayumba. The Belinga Sud license area lies within 140km of Booue town on the Trans�Gabon railway.
All the above opportunities are early-stage. The ARM and Assore Boards of Directors however believe in the long-term potential of IronRidge. Its interest in the company offers Assmang exposure to some of West Africa’s promising iron ore opportunities and could facilitate Assmang’s long-term access to high grade iron ore with competitive capital and operating costs.
This investment in IronRidge forms an important component of ARM and Assore’s objectives to evaluate, secure and develop long-term, value enhancing, strategic investments on the African continent and elsewhere.
For all related queries, please contact:
Chief Executive: ARM Strategic Services and Exploration
Office: +27 (0) 11 779 1000
Head of Investor Relations and Corporate Development
Office: +27 (0) 11 779 1507
29 April 2014
Deutsche Securities (SA) Proprietary Limited
Financial adviser to Assmang Proprietary Limited:
The Standard Bank of South Africa Limited