Africa: Australian Phosphate Producer Targets Continent

On October 31st, 2010, posted in: News, newsletter, Nov 2010 News by

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Des Latham

Johannesburg — Minemakers of Australia has listed on the Namibian stock exchange and says Namibia is crucial to its long term plans.

“Namibia is a very important part of Minemakers’ development strategy as the Company aims to become a significant contributor to that country’s mining output over a long period,” the company says in its quarterly report released this morning.

The NSX listing took place on 27 July 2010 and Minemakers says this will increase the ability of Namibian and South African investors and institutions to participate in the development of the Namibian phosphate industry by becoming shareholders in Minemakers.

Minemakers has a 70% share in a Joint Venture in the Rocky Point project area which incorporates a mapped regional marine phosphate zone north of Walvis Bay.

Initial sampling is now intended to be carried out after completion of the deeper penetration programme at Sandpiper/Meob.

Minemakers bought direct equity in the Namibian marine phosphate projects via the acquisition in July 2009 of Bonaparte Diamonds Mines NL and its wholly-owned subsidiaries.

Source: businessday.co.za (South Africa)   Image:minemaker

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