Armadale Capital Plc Tanzanian Legislation
04 July 2017 - 11:31PM
UK Regulatory
TIDMACP
Armadale Capital Plc / Index: AIM / Epic: ACP / Sector:
Investment Company
4 July 2017
Armadale Capital Plc ('Armadale' or 'the Company')
Tanzanian Legislation
Armadale, the AIM quoted investment company focused on natural
resource projects in Africa, notes the publication of draft
legislation tabled in the Tanzanian parliament on 29 June 2017 and
subsequent reports that the Tanzanian parliament has passed the
Natural Wealth and Resources (Permanent Sovereignty) and the
Natural Wealth and Resources Contracts (Review and Re-negotiation
of Unconscionable Terms) bills. Armadale is active in the mineral
industry in Tanzania by virtue of its investment in the Mahende
Liangu graphite project. Armadale is awaiting confirmation that the
draft legislation has indeed been passed and will seek advice as to
any impact it might have on Armadale and the Mahenge Liandu
project. The Company will provide further updates as
appropriate.
**ENDS**
For further information please visit www.armadalecapitalplc.com
or contact:
Enquiries:
Armadale Capital Plc +44 20 7236 1177
Nick Johansen
Nomad and broker: finnCap Ltd +44 20 7220 0500
Christopher Raggett / Simon Hicks
Joint Broker: Beaufort Securities Limited +44 20 7382 8300
Jon Belliss
Press Relations: St Brides Partners Ltd +44 20 7236 1177
Susie Geliher / Charlotte Page
Notes
Armadale Capital Plc is focused on investing in and developing a
portfolio of investments, targeting the natural resources and/or
infrastructure sectors in Africa. The Company, led by a team with
operational experience and a strong track record in Africa, has a
strategy of identifying high growth businesses where it can take an
active role in their advancement.
The Company owns the Mahenge Liandu graphite project in
south-east Tanzania, which is now its main focus. The Project is
located in a highly prospective region with a high-grade JORC
compliant inferred mineral resource estimate of 40.9Mt @ 9.41% TGC.
At least 32Mt of this resource has an average grade of 10.47% TGC,
one of the largest high-grade resources in Tanzania, and work to
date has demonstrated Mahenge Liandu's potential as a commercially
viable deposit with significant tonnage, high-grade coarse flake
and near surface mineralisation (implying a low strip ratio)
contained within one contiguous ore body.
Other assets Armadale has an interest in include the Mpokoto
Gold project in the Democratic Republic of Congo and a portfolio of
quoted investments.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170704005184/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
July 04, 2017 09:31 ET (13:31 GMT)
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