African Eagle is a UK-incorporated mineral exploration and development company operating in Zambia, Tanzania and Mozambique. These countries all have highly prospective geology, low above-ground risks and track records of successful major investments in the metals and minerals industries.
06/02/12
Close of IFC Funding27/01/12
African Eagle Resources PLC : Board Changes26/01/12
Appointment of BFS Engineer for Dutwa25/01/12
SGS selected for metallurgical pilot testing17/01/12
Metallurgical process selected for Dutwa
27/01/12
African Eagle Resources' appointment of two new directors ends a busy week of activity as it moves its Dutwa nickel project nearer to bankable status. It has also hired two specialist companies for vital roles in the preparation of a bankable feasibility study for the Tanzanian project, due at the end of this year.
04/01/12
While the share price remains unmoved today, analysts at Seymour Pierce believe the IFC’s US$ 5 million investment affirms the viability of the Dutwa nickel project.
09/11/11
The news that IFC, a specialist investment body that focuses on frontier and emerging markets, is to take a 10-per cent stake in African Eagle has been welcomed in the City
16/09/11
African Eagle Resources continues to move forward and has set itself up for the next stage in its lifecycle, according to analyst Matthew McDonald, at broker Seymour Pierce, who rates the stock a "buy" with a price target of 20 pence.
26/05/11
The shares have more than doubled in value since the group unveiled plans to spin out its Zambian copper division. Here we take a closer look at African Eagle and consider the value triggers that could send the stock soaring even higher.
06/02/12
African Eagle Resources says IFC investment completed27/01/12
African Eagle Resources appoints two non-exec directors to support Dutwa development26/01/12
African Eagle Resources hires Lycopodium Minerals for Dutwa BFS25/01/12
African Eagle Resources chooses SGS Metallurgy for pilot testing of Dutwa nickel project17/01/12
African Eagle Resources selects metallurgical process for Dutwa nickel project
15/11/2011
04/05/2011
25/11/2010
African Eagle Resources is positioned to become a significant low-cost independent nickel producer.
African Eagle is a UK-incorporated mineral development company traded on London AIM (AFE) and Johannesburg AltX (AEA). Its shares are also traded on the London Plus Market.
African Eagle is developing the major Dutwa nickel project in Tanzania. The Company discovered Dutwa in 2008 and is now conducting a feasibility study. The Company is evaluating a second promising nickel deposit at Zanzui, 50km south of Dutwa.
African Eagle also holds significant interests in several "legacy" mineral ventures, acquired before it discovered Dutwa. These include copper in Zambia, gold in Tanzania and uranium.
Strategy and Priorities
The Company's strategy is twofold, first: acquire and evaluate promising nickel oxide targets in Tanzania and to advance these projects as far as possible before bringing in development partners with the resources and track records to take these projects into production. Second, maximise the value from African Eagle's non-core copper and uranium projects.
Company's operational priorities are:
African Eagle's principal advanced projects are the Dutwa nickel laterite discovery in Tanzania (where the Company announced a JORC resource at the end of 2008 and favourable metallurgical results in early 2009), and the Mkushi Copper Mines project in Zambia (for which the components of a Feasibility Study were completed in Q4 2008).
A gold resource of half a million ounces has been defined at the Miyabi gold project in Tanzania, and is evaluating a second promising nickel laterite deposit which it recently discovered in Tanzania. The Company holds a well-balanced portfolio of promising earlier stage gold and base metal projects, including the Ndola and Mokambo projects in the Zambian Copperbelt.
African Eagle has 5 projects in Mozambique with exploration for base metals and gold underway, uranium prospects are held across all three countries - Zambia, Tanzania, and Mozambique.
The Company’s operating subsidiary in Zambia is Katanga Resources Limited, which has a staff complement of about 20 people, including long-term contractors. Katanga’s office is in the capital, Lusaka.
Our projects in Zambia are Mkushi Copper Mines; Mokambo and Ndola in the Copperbelt; Sasare Eagle Eye; and Lunga.
Mkushi Project
African Eagle is developing former open pit and underground mines at Mkushi Copper Mines in central Zambia in joint venture with CGA Mining Limited. A pre-feasibility report was completed in January 2008 and the components of a definitive feasibility study were in place in Q4 2008. The decision to develop the mine has been deferred, however, in view of the turbulent global markets and uncertain fiscal regime in Zambia.
Mokambo Project
The Mokambo Project contains mineral deposits which were discovered in the 1950s. It is situated 90km northeast of Ndola in the Zambian Copperbelt and forms a narrow strip running along the border between Zambia and the Democratic Republic of Congo (DRC). African Eagle has conducted surface surveys and drilling, and has computerised all the previous exploration data.
Ndola Project
African Eagle has identified four copper targets within the large Ndola Project, which is located in the southern part of Central African Copperbelt in Zambia. One of these is a deposit known since the 1960s; the other three were identified from the Company’s own exploration results.
Sasare Eagle Eye Project
The Sasare Eagle Eye Copper-Gold Project, which lies in eastern Zambia, 450km from the capital city, Lusaka, contains a large iron-oxide-copper-gold (IOCG) system and Karoo-hosted uranium mineralisation.
Lunga Project
The Lunga Project contains multiple targets including copper-gold and uranium mineralisation. The project is located in the Lunga Basin in Central Zambia, approximately 320km northwest of the capital city, Lusaka and 200km southwest of the Zambian Copperbelt.
African Eagle has an office in Mwanza, the main city of the Lake Victoria Goldfield area, and a representative office in the capital, Dar es Salaam. The Company’s operating subsidiary in Tanzania is Twigg Gold Limited, which has a staff complement of 12 people, including long-term contractors.
We have three advanced projects in Tanzania, namely Miyabi, Igurubi, and Dutwa.
Dutwa Project
African Eagle announced a JORC resource at the Dutwa laterite project in December 2008, amounting to 340,000t of contained nickel, and promoted Dutwa to become its top-priority project. The Company reported highly favourable metallurgical results in early 2009. The Project is located in the Kilimafedha greenstone belt of the Lake Victoria Goldfields, 100km east of Mwanza, and has potential for the gold and platinum group elements as well as the nickel.
Miyabi Project
The Miyabi Gold Project, in the Lake Victoria Goldfield of Tanzania, was discovered by African Eagle’s own geochemical prospecting team. Although African Eagle has drilled only part of the system to date, it has defined a JORC-compliant resource of 520,000oz of gold.
Zanzui Project
The latest drill results show that parts of the Zanzui layered basic complex have a nickel-enriched laterite blanket, with grades and thicknesses similar to those at Dutwa, suggesting that Zanzui may host another significant laterite deposit. The area also has potential for platinum.
Igurubi Project
The Igurubi Gold Project, located in the south eastern Lake Victoria Goldfields, contains several parallel gold-bearing shear zones in a contact between granites and greenstone rocks. From its widely-spaced drilling to date, the Company believes that the area has potential for at least 250,000oz of gold, probably much more.
African Eagle has an office in Cidade de Manica. The Company’s operating subsidiary in Mozambique is Twigg Exploration and Mining Limitada and has a staff complement of 9 people (including contractors).
African Eagle has 5 projects in Mozambique, two of which are being explored by farm-in partners.
The Majele Project, in the Alto Ligonha pegmatite belt, was recently optioned to Pacific Wildcat Resources Corporation, which can acquire an 80% interest in the project by exploring for tantalum, tin and niobium deposits. Sampling in late 2008 identified several promising targets.
Work on the Fingoe Project in western Mozambique is continuing with partner African Queen Mining, formerly Pan African Mining Corporation. Skarn-like copper-gold mineralisation and iron occurrences are reported in the area, suggesting that the area may be prospective for intrusion related or IOCG type mineralisation.
The Sena project area in central Mozambique is prospective for uranium. A radon emanation survey, still underway, has already identified significant anomalies.
In mid-2007, African Eagle established a Uranium Division to hold the uranium rights to eight targets which the Company has in Tanzania, Zambia and Mozambique. The targets include calcrete and playa type deposits in Neogene to Recent sediments, sandstone hosted deposits of Karoo and Cretaceous ages and vein deposits in crystalline basement rocks, as summarised in the table below.
The Company is investigating alternative ways to develop these holdings, in order to maximise shareholder benefit, including exploring them in-house, joint venturing, vending them into a uranium specialist company, or developing them in a new listed subsidiary.
In the meantime, African Eagle has started exploration in some of the areas, with ground spectrometer surveys underway at Sasare and Lunga.
Euan Arthur Worthington CEng, MSc, DIC, BSc (Hons), FIMMM - Chairman
Euan Worthington has over 20 years’ experience in the City of London as a Mining Analyst and Corporate Finance Specialist, and provides the Company with a strong financial background to complement the technical skills of the other Directors. In the past 10 years, he has helped take a number of mining companies to AIM and been a Main Board director.
After graduating in geology from King’s College London and three years as a mine and exploration geologist in Zimbabwe and Namibia, he gained an MSc in Mineral Production Management at the Royal School of Mines and entered the City as a Mining Analyst. He subsequently worked with the mining teams at Shearson Lehman, S.G. Warburg, BZW and ABN AMRO. He participated, as Team Leader or Mining Adviser, in numerous major corporate finance projects. He is a Fellow and past member of the council of the IMMM, and also a member and past Chairman of the Association of Mining Analysts.
Mr Worthington is also a Non-executive Chairman of AIM and JSE listed DiamondCorp PLC.
Trevor A. Moss CEng, MSc, BSc (Hons) - Director and CEO Designate
Trevor Moss has over 30 years' experience in the international minerals industry and will lead African Eagle's move to become a significant low cost nickel producer.
Mr Moss is a corporate and project manager who has worked for senior mining companies such as Barrick, Newmont and Cyprus Amax, and with emerging producers including Nevsun Resources, Tiberon Minerals and Gabriel Resources. Before joining African Eagle, he was responsible for the construction, completion and successful start up of the Bisha mine in Eritrea, as Chief Operating Officer and Executive Vice President of Canadian TSX and AMEX-listed Nevsun Resources Limited.
He is a registered engineer in the US State of Arizona and holds an MSc in Civil Engineering from Arizona State University and an Honours degree in Civil Engineering from the University of Bradford in the UK.
Mr Moss has held directorships and corporate officer positions in several public companies and the positions of CEO and director in a number of private companies. Currently, he sits on the board of FGBI LLC, a private US resource company, and is director and president of HAWM Consulting Inc.
Mark Edwin Parker BA (Hons), MIMMM - Managing Director
Mark Parker combines 36 years’ experience in mineral exploration with a thorough knowledge of eastern and southern Africa. After working for seven years with the British Geological Survey in the UK, Africa and Latin America and five years with Hunting Geology and Geophysics Ltd in Africa, the Middle East and Europe, he became an independent consultant, undertaking projects worldwide for mining and oil companies, the EU, IAEA, UNDP and Finnida.
From 1988 to 1992, Mr Parker was based in Tanzania, providing consultancy to the governments of the region under an EU contract. After five years in Southeast Asia for one of the world’s leading gravity and magnetic survey contractors, he returned to Africa and established African Eagle.
Mr Parker is also a Non-executive Director of Andiamo Exploration Ltd, an unlisted African explorer.
Christopher Davies FAusIMM, FSEG, MSc, DIC, BSc (Hons) - Operations Director
Chris Davies has around 30 years’ experience in mineral exploration, resource evaluation and business development. After gaining an honours degree in geology from Aberystwyth, he spent three years in Zambia as an exploration geologist for Anglo American Corporation, then completed an MSc in mineral exploration at Imperial College London.
He worked on exploration projects in Guinea, Yemen, Australia, Indonesia, Tanzania and elsewhere, returning to Tanzania in 1991 as SAMAX Gold’s Manager for East Africa, where he was responsible for the discovery of Kukuluma gold deposit at Geita and the Golden Pride deposit, Tanzania’s first gold mine. After the acquisition of SAMAX by Ashanti Gold Fields, Mr Davies worked on various projects as an independent consultant, before joining African Eagle as Operations Director.
Bevan John Metcalf, Bachelor of Management Studies, ACA (NZ) - Finance Director & Company Secretary
Bevan Metcalf is a chartered accountant with extensive experience both in the UK and abroad. He has worked for a number of large listed companies, including ICI, SmithKline Beecham and Orion Corporation, holding senior financial positions, including Head of European Financial Planning and European Controller. He was involved in the 1990 merger between SmithKline and Beecham before being transferred to establish the European HQ in Belgium. He was recruited as Finance Director and Company Secretary for Orion Corporation’s UK subsidiary, participating in the startup and strategic development of the business.
Mr Metcalf was appointed Finance Director of African Eagle in 2004 and in 2005 he assumed the additional position of Company Secretary. In addition to his role at African Eagle he is CFO of TSXV and AIM listed explorer, Afferro Mining Inc.
Geoffrey Cooper LL.B - Non-executive Director
Geoffrey Cooper is a lawyer with many years’ experience in the international mining industry. He was in-house Legal Adviser at BP Minerals from 1977 to 1989. After the business was sold to Rio Tinto he continued working in the mining and oil sectors until his appointment as Legal Adviser at Vodafone in 1998. He retired from Vodafone in 2004, since when he has dedicated his time to the development of African Eagle.
Mr Cooper is a founder shareholder of African Eagle and was appointed to the board in 2003. He is a member of the Association of Mining Analysts.
Julian McIntyre - Non-executive Director
Mr McIntrye is the founder of MWB Capital, a private investment company focused on investing in credit and equities. He has a proven track record as an entrepreneur and investor, with broad experience in acquiring, financing and selling businesses. Mr McIntyre was the founder and controlling shareholder of Gateway Communications Group, a pan-African telecommunications business that operated in over 40 African countries and was ultimately sold to Vodacom in 2008. Julian previously held senior positions in the financial markets divisions of Deutsche Bank and Chase Futures.
Julian McIntyre is also a Non-executive Director of Ambrian Capital Plc.
John McDonald Sc, CGeol, FGS - Manager, Tanzanian Operations
John is a Chartered Geologist with thirty four years' experience working in gold, oil, diamond and base metal exploration, environmental and mining geology. He is a specialist in geological field programmes, photogeology, satellite image interpretation and regional reviews.
John has extensive experience of resource evaluation, mining and exploration geology, and geotechnical studies. His expertise covers epithermal, shear zone and greenstone gold deposits; stratabound polymetallic sulphides; non-metallic minerals; coal and uranium. He also has extensive experience of oil and gas exploration in frontier areas, including numerous regional reviews.
He has been project manager or team leader on field and office based exploration projects, in Ghana, Botswana, Mozambique, the UAE, the Falkland Islands, Brazil, USA and on the UK continental shelf.
Dr. Chad Czerny - Project Manager, Dutwa Nickel Project
Dr. Chad Czerny is an extractive metallurgist with more than 20 years technical and management experience in metallurgical R&D testwork, and process development programmes - for scoping and bankable feasibility studies.
In the last 15 years, Dr Czerny has specialised in the metallurgy of nickel laterites, working in BHP Billiton's global technology group from 2006 to 2009, and at SGS Lakefield Oretest's laboratory and hydrometallurgy pilot plant in Perth (Western Australia) from 1997 to 2006. He has commissioned and operated pilot plants for pressure acid leaching, heap and tank leaching, and the production of Ni/Co intermediates, including an integrated atmospheric leach, resin-in-pulp and elution pilot plant for treating nickel laterite ores at BHP Billiton's Newcastle Technology Centre (New South Wales). He has worked on the development of treatment processes for ores from many of the world's best known nickel laterites, including: Ravensthorpe, Niquel do Vermelho, Cawse, Bulong, Weda Bay, San Felipe, Marlborough, Soroako, Mt. Margaret and Murrin Murrin.
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Registrars
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UK Office & Registered Address
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Tel: +44 20 7248 6059
Fax: +44 20 7691 7745
Email: info@africaneagle.co.uk
| Primary listing - LSE: | AIM:AFE |
| Secondary listing - JSE Limited: | AltX:AEA |
| Company number: | 3912362 |
| ISIN: | GB0003394813 |
| Issued ordinary shares | 409,586,128 |
| Shares held in Treasury | none |
| Options and Warrants | 24,578,000 |
| Fully diluted | 434,164,128 |
| Authorised ordinary shares | 600,000,000 |
The Company's issued share capital consists entirely of Ordinary Shares of 1p each, with one voting right per share.
The above figure of 409,586,128 shares may be used by shareholders as the denominator for calculations by which they will determine if they are required under the Disclosure and Transparency Rules to notify their interest in, or a change to their interest in, the Company.
All the Company's shares are in public hands, except for those held by the Directors and their related parties and by substantial shareholders (defined in the AIM rules as holding more than 10%), as set out below.
There are no restrictions on the transfer of the Company's Ordinary Shares.
| Fund Manager / Nominee | Shares | % | |
|---|---|---|---|
| MWB Limited | 45,480,761 | 11.11 | |
| Anglo Pacific Group | 30,050,000 | 7.34 | |
| Barclays Wealth | 18,339,042 | 4.48 | |
| Killik & Co | 17,858,653 | 4.36 | |
| Vestra Wealth | 17,624,692 | 4.31 | |
| TD Waterhouse | 16,864,329 | 4.12 | |
| Halifax Share Dealing | 14,487,758 | 3.54 | |
| Butterfield Bank | 14,100,650 | 3.44 | |
| Spearpoint | 13,500,000 | 3.30 | |
| Directors | 8,041,265 | 1.96 | |
| 13 share holders with 1% to 2% | 100,239,722 | 24.48 | |
| Approx 1672 holders with <1% | 112,810,256 | 27.56 | |
| Total issued shares | 409,586,128 | 100% |
Including directors' wives and other related parties.
| Mark Parker | 4,563,967 | 1.12% |
| Euan Worthington | 1,193,333 | 0.29% |
| Chris Davies | 1,047,165 | 0.26% |
| Geoffrey Cooper | 975,967 | 0.24% |
| Bevan Metcalf | 260,833 | 0.06% |
| Total directors' holdings | 8,041,265 | 1.97% |
| Type | Number | Price | Expiry |
|---|---|---|---|
| Options | 250,000 | 15.00 | 25 October 2012 |
| Options | 10,113,000 | 6.50 | 14 May 2014 |
| Options | 9,219,000 | 6.50 | 26 May 2015 |
| Options | 4,996,000 | 10 | 29 July 2016 |
This information was updated 14 September 2011.
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