Cradle Arc PLC

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Cradle Arc is focussed on building production at the Mowana Copper Mine in Botswana to achieve the initial nameplate target of 1.2Mt of ore per annum for c. 11,000 tonnes of copper.  Alongside this, the Company has identified an opportunity to increase production further and boost the mine’s economics through the installation of a Dense Media Separation unit, which is expected to realise a production rate of 2.6Mt of ore per annum for 22,000 tonnes of copper.  

Cradle Arc is also committed to completing the financing and starting construction of the Matala Gold Mine in Zambia.  The Company believes that the revenues generated from production at Mowana will enhance the Group’s balance sheet and thereby strengthen its position in seeking to unlock the financing required for Matala.  With an estimated build time of approximately 9 months from financing, Matala offers near-term gold production potential.


Cradle Arc has a 60% interest in the Mowana Copper Mine in Botswana, which has a resource of 172Mt at 0.84% copper.  Having returned the mine to production in March 2017, Cradle Arc is focussed on ramping up production to initially produce 1.2Mtpa of ore @ 1.16% Cu for c. 11,000 tonnes of copper per year, giving an NPV (10%) of US$87.4M based on an average copper price of US$2.8/ lb and an 11-year mine life.  Following this, plans are in place to the install a Dense Media Separation unit, which is expected to double production and significantly enhance the economics of the project, with production targeted at 2.6Mtpa to produce up to 22,000 tonnes Cu per annum, giving an NPV (10%) US$245M, again based on an average copper price of US$2.8/ lb and an 11-year mine life.  Crucially an offtake partner has already been secured for the mine; Fujax Minerals and Energy Limited, a minerals and energy trading company based in South Africa, has been awarded the copper offtake contract.

Cradle Arc has a 100% interest in the Matala Gold Mine in Zambia, where average annual production of up to 30,000 ounces Au per annum through the 4.8 years life of mine is targeted.  The project has a renewable 25-year Mining Licence and associated environmental permit covering two historic open pit and underground mines, Matala and Dunrobin, and satellite deposits, Chosa and Shadreck. The Matala deposit contains ~568,000oz at an average grade of 2.7g/t Au (Indicated and Inferred) and the Dunrobin deposit contains ~193,000oz Au (Measured, Indicated and Inferred).  Despite historical activity, low gold prices and Zambia’s predominant focus as a copper producer, meant that neither mine was developed to its full potential. 

A definitive feasibility study demonstrated positive economics at Matala for a 400,000 tpa oxide and transitional open pit operation with a mine life of approximately four years and eight months at US$1,200/oz Au with exploration upside and underground potential.  The study projects an estimated capital cost for plant and infrastructure of US$14.4 million, with a project NPV (8%) of US$28.6 million and unlevered project IRR of 52%.  Cradle Arc is working with Yantai Xinhai Machinery Company Limited and PenMin (Pty) Limited with respect to the proposed construction and financing. The Directors believe that the cash flow generation from Mowana will enhance the Group’s balance sheet and thereby strengthen its position in seeking to unlock the financing required for Matala.

Cradle Arc holds a prospective portfolio of gold assets in Mali, which are being developed under joint venture partnerships thereby ensuring that Cradle Arc retains exposure to potentially significant greenfield projects, whilst its joint venture partners fund and manage the exploration work programmes.   The Company also holds certain exploration assets in Burkina Faso, which it is looking to secure a joint venture partnership for.

Toby Howell
Non-Executive Chairman

Toby Howell began his career in the Equities division at UBS Warburg in London and went on to help manage the investment division of Internet Business Group plc. Since then he has specialised in smaller companies’ corporate finance, undertaking transactions on the Official List and AIM as well as private equity transactions. He is a director of Blomfield Corporate Finance Limited, a subsidiary of Religare Hichens, Harrison Co. Toby David Howell is an officer in the Territorial Army and served on operations in Iraq during 2004.

Mark Jones
Chief Executive Officer

A graduate of the Camborne School of Mines, Mark is a mining engineer with over 30 years’ experience in mining production and associated businesses, 20 years of which have been spent in Africa. He has specific expertise in gold and base metals in Africa, Europe and the FSU. In his previous role as CEO of African Mining and Exploration plc, Mark oversaw the development of Kossanto and his strong understanding of the project, and the broader resource arena, is highly beneficial to the Company as it focusses on significantly increasing the existing JORC resource at the project. Previous positions also include CEO of Aurum Mining plc and Expert Explosives Ltd and Mark is currently a non-executive director of Tulpar Gold plc and Antracor Mining Ltd.

Dominic Doherty
Operations Director

Dominic was awarded a Queen's commission from the Royal Military Academy Sandhurst, and served 8 years as a Regular Officer in the British Army retiring as a Captain. During a distinguished Army career he was involved in combat and service operations throughout the world, including Europe, North America, West Africa and the Middle East.

He is professionally trained in information and intelligence gathering and analysis and academically trained as a lawyer with a degree in Law from The University of Exeter. For over 15 years Dominic has worked throughout West Africa where he has forged strong bonds and close relationships. As one of the founding partners of Roc Resources, Dominic developed an alluvial gold opportunity in Mali which he managed for 2 years.

Prior to working in Mali, Dominic was Head of Business Development for the Government of Dubai, and took a leading role interfacing with African Producers for the UAE Government's "Masterplan for Diamonds" and enabling the Kimberley Process in Africa and the Middle East. Most recently as Country Manager for African Mining and Exploration (now Savannah Resources) Dominic progressed the Malian gold assets, including the Kossanto Gold Project, before they were vended to Alecto Minerals. Having spent 5 years living in Mali he has a thorough knowledge of the country and the opportunities it presents.

Heytesbury Corporate
Company Secretary

Heytesbury Corporate is an independent financial consulting and corporate management firm based in London which provides company secretarial services to numerous AIM listed companies.

Mike Ware

Mr. Ware has a B.Sc Geology from the University of New South Wales and has been instrumental in identifying, acquiring and developing mineral and resource assets across Asia, Africa, Middle East, South America, Australia and the Pacific. This has provided him with significant experience in numerous geological settings. Additionally, his strong experience covers a range of commodities including gold, platinum, base metals and industrial minerals and gemstones. Michael is a Fellow of the AusIMM and is a ‘Competent Person’ under the internationally recognised JORC code for reporting and publishing Exploration Results, Mineral Resource and Ore Reserve.

7-9 Swallow Street,

Company Secretary and Registered office
Heytesbury Corporate LLP
7-9 Swallow Street, London, W1B 4DE

Nominated Advisor
Strand Hanson Limited  
26 Mount Row
London W1K 3SQ

Corporate Broker  
Beaufort Securities Limited

131 Finsbury Pavement

Solicitors to the Company

Ronaldsons LLP
55 Gower Street


Auditors and Reporting Accountants
PKF Littlejohn LLP
1 Westferry Circus
Canary Wharf
London E14 4HD

Share Registrars Limited
Suite E, First Floor
9 Lion and Lamb Yard

Telephone: +44 1252 821390
Facsimile: +44 1252 719232

Financial PR
St Brides Partners Ltd
3 St Michael’s Alley 
London EC3V 9DS