Following the announcement that Afritin would be demerging from BMN and listing on AIM it is worth going over the history of the Tin platform.
26.04.12 RNS – Announces commencement of drilling at Groenfontein and Zaaiplaats targets (2 of 5 targets within the Mokopane tin licence area) to extend the former and define the latter resources, and commencement of metallurgical work.
04.12.12 RNS – Company looking to expand the 5,000 ton JORC resource at Groenfontein. Also at Zaaiplaats the findings of this work supported the model that an extensive zone of disseminated tin mineralisation at acceptable grades is present in and around the old Zaaiplaats tin mining area. Initial Zaaiplaats drilling results included.
13.12.12 RNS – Results from mineralogical tests conducted at Zaaiplaats displaying similar characteristics to historical mining records, as well as significant potential for resource expansion. Good liberation of cassiterite through all size fractions.
25.06.13 RNS – Mineralisation intersected in almost every borehole. Confirmation of two continuous, near surface, shallow dipping zones of mineralisation. Results included. Confirms the prospectivity of the Zaaiplaats target.
19.09.13 RNS – 12,452 tons JORC at Zaaiplaats, mostly inferred. Cut off 0.7%. Deposit open along strike to NE and SW so possible to extend. Together with Groenfontein gives JORC for Mokopane 18,447 tons contained tin.
26.09.13 RNS – To acquire 50% of Marble Hall project for upfront payment of £126,000. Commitment to spend £270,900 to bring project to pre-feasibility. Further payment of £315,000 subject to completion of pre-feasibility, and a decision to progress to bankable feasibility study and/or development. 110 km from Mokopane. Historic data by Goldfields from 1980’s. Target Maiden JORC 2014.
29.10.13 RNS – Initial drilling at the Marble Hall Tin Project confirms the presence of a mineralised breccia including an intersection of 1.39% tin (Sn) over 1.75 m.and 0.88% Sn over 1.00 m. Results increased confidence in historical Goldfields data.
25.03.14 RNS – Agreement to acquire the Zaaiplaats tin tailings dump. The Company will acquire an equity interest of up to 87% in Zaaiplaats for a total consideration of up to R10 million (equivalent to £559,470 as of March 25 2014) as described below. This agreement is conditional on the outcome of technical due diligence and evaluation of the Zaaiplaats Dumps, to be undertaken by Bushveld over a two month period, which commenced on 20 March 2014.
22.05.14 RNS – Bushveld has agreed with the owners of the Zaaiplaats Dump, Brent Trust and Sephaku Tin (Pty) Ltd, to extend the technical due diligence and evaluation period in respect of the potential acquisition by a further six weeks to 30 June 2014.
16.09.14 RNS – Results of scoping study and decision not to pursue Zaaiplaats tin tailings dump.
Scoping study gives low CAPEX at $16.7 million. Pre tax NPV $18 million, post tax NPV $10 million (at 10%). Pre tax IRR 49.8% post tax real IRR 34.6% with low project risk profile. Low operating costs (C1 cash + Royalties costs of $14,276 / ton of tin metal). Average EBITDA of 31.5% over 12 year mine life. Payback 2 years from start of mining.
The Company also announces the outcome of its technical due diligence conducted for the potential acquisition of the Zaaiplaats Tin Tailings Dump (the “Zaaiplaats Dump”). Bushveld has elected not to pursue this acquisition on account of the unsatisfactory results of the due diligence exercise, with the realisable size and grade of the tin resource contained in the Zaaiplaats Dump as well as the realisable recoveries inadequate to meet the Company’s acquisition criteria. Accordingly, the Zaaiplaats Dump is excluded from the Scoping Study reported herein.
17.03.15 RNS – Lemur acquires Zaaiplaats tin tailings dump for Aus$270,000 (£160,000 at exchange rate 24.10.2017). Possible to sell sand / aggregate from non tin bearing materials.
20.06.16 RNS – The Groenfontein Deposit test work was intended to assess tin recovery on a plant-scale, gain insight into potential concentrate grades, and to fine-tune plant flow-sheet design parameters. The test work has delivered the following positive results: Expected recovery using gravity concentration of over 70%, for grind sizes of -1 mm; Achieved commercial concentrate grade of 74.59% SnO2 (cassiterite – equivalent to 58.75% Sn); Plant design and flowsheet underway; Final costing underway to determine capital and operating expenditure requirements for mining and processing plant establishment, together with ancillary infrastructure; Results to be incorporated into an updated business model focusing on the smaller-scale, near surface high-grade tin targets near-term production.
28.11.16 RNS – Under the terms of the MoU, VBKom commits to conduct due diligence on the Mokopane Tin Project, following which, if a successful outcome, VBKom intends to enter binding agreements to provide capital investment and technical support for the development of the Groenfontein and Zaaiplaats deposits to mine commissioning in return for equity participation in the project, not exceeding 50%. The MoU provides for VBKom to conduct due diligence on the Mokopane Tin Project for a period to 31 January 2017.
13.12.16 RNS – Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in South Africa and Madagascar, is pleased to announce that it has agreed terms to acquire a significant interest in the Uis Tin project through its wholly owned subsidiary, Greenhills Resources Limited (“Greenhills Resources”). Under the Agreement Greenhills Resources will acquire 49% interest in Dawnmin Africa Investments Ltd (“Dawnmin”) which is the 85% owner of the Uis Tin Project (the “Project”), subject to due diligence, from a consortium of Namibian shareholders (the “Sellers”).
04.04.17 RNS – BMN has decided to pursue the acquisition of UIS tin project. As previously announced, the consideration that was agreed for the Acquisition was £650,000, payable through the issue of 41 million ordinary shares of 1 pence each in Bushveld (“Ordinary Shares”) (the “Consideration Shares”), which was determined at the time of signing the Heads of Terms. The Consideration Shares comprise 29 million Ordinary Shares for the Dawnmin shareholding and 12 million Ordinary Shares to assume a US$1.2 million loan from one of the Sellers to Dawnmin. The Consideration Shares will be issued on completion of the Acquisition, which is subject to, inter alia, regulatory approvals from the Namibian Government.
15.06.17 RNS – UIS acquisition completed with 49.5% of Dawnmin
The Consideration Shares are subject to a six months trading encumbrance and / or sale restriction from the date of issue;
Erongo, the majority shareholder in Dawnmin, will spend up to A$2.0 million (two million Australian Dollars) to complete a scoping study at the project, including the acquisition of processing equipment where deemed appropriate by the board of Bushveld and Technical team of Dawnmin, which will be comprised of representatives from Bushveld and Erongo;
- Greenhills is granted an ever-green option to acquire a controlling interest in Dawnmin through the acquisition of an additional 1% interest in Dawnmin for a total consideration of US$1.2 million, plus a further option to earn an additional 20% in Dawnmin following Erongo’s completion of the scoping study, as follows;
- An additional 10% shareholding in Dawnmin in return for providing funding of up to US$1 million to take the Project to pre-feasibility stage; and
- A further 10% shareholding in Dawnmin in return for providing an additional up to US$1 million to deliver a bankable feasibility study;
Greenhills has appointed two directors to the boards of Dawnmin and Guinea Fowl to sit alongside the two Erongo-nominated directors;
02.10.17 RNS – Gives notice of general meeting to vote on proposed Demerger of Greenhills Resources from BMN. Also contains letter from Chairman to shareholders re above.
Importantly this circular states that it is expected that Afritin will acquire the remaining 50.5% interest in Uis in exchange for (expected 20%-29.9%) new shares in Afritin.
20.10.17 RNS – Bushveld Minerals (AIM: BMN), a diversified mineral development company with a portfolio of vanadium, tin and coal assets in Southern Africa, announces that all resolutions put to the shareholders to approve the demerger of the Company’s tin assets (the “Demerger”) at the General Meeting held earlier today were duly passed. Further announcements regarding the Demerger will be made, as appropriate, in due course.
23.10.17 RNS – Bushveld is pleased announce the intention by AfriTin to launch an initial public offering (“IPO“).
The IPO fulfils Bushveld’s stated commitment with respect to its tin platform:
- to build a critical mass of tin-resources with a near term production outlook.
- to establish a tin-focussed platform and offer Bushveld shareholders a path to unlocking value in its tin platform.
Also includes details of AfriTin BoD
27.10.17 RNS – Update on Mokopane. Revised cut off at Zaaiplatts to 0.1% to bring in line with Groenfontein with adjustment to resource.