Berkeley Mineral secures Zambian mining rights

Tag : mineral resources
Berkeley Mineral secures Zambian mining rights
08/07/2008
Mining company Berkeley Mineral Resources has secured the miningrights to process zinc and lead from certain tailings dumps at theKabwe Mine in Zambia.

Berkeley Mineral Resources (BMR) has agreed to pay £0.2m incash and 30m new BMR shares to Zincorous Investments Limited (ZIL)for the mining rights.

The cash will be paid over next ten months.

The newly issued shares represent 11.7% of the enlarged issuedshare capital of BMR.

The tailings dump at Kabwe has an estimated 1.96m tons of materialavailable for process. The mine is scheduled to reopen later thisyear.

The directors of BMR believe that current market prices for zincand lead make this a profitable venture for the company.