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Bushveld Minerals takes 2.67% stake in coal development firm

Last updated: 10:22 08 Nov 2012 GMT, First published: 11:22 08 Nov 2012 GMT

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South Africa focused Bushveld Minerals (LON:BMN) has made a strategic investment in an Australia-listed coal project developer.

It has bought 5.15 million shares in ASX-listed Lemur Resources for A$591,735 (£386,053).

This represents an average price of A$0.115 per share for a stake of 2.67% in Lemur.

Lemur is developing the Imaloto coal project in Madagascar and is looking for other coal opportunities around the world.

Lemur has cash of A$19.14 as at September 30. It has a market cap of around A$22 million.

Bushveld's chief executive Fortune Mojapelo said: "This acquisition, made at an attractive entry price, is the beginning of a relationship between Lemur and Bushveld which we are keen to build on with further collaborations.

"The company (Bushveld) has sufficient cash to continue developing its own projects and remains focused and confident of meeting its project obligations."

Bushveld is focused on the Bushveld Iron Ore project and the Mokopane tin project.

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on 12/5/23