MARKETS

Shareholders approve Mmamantswe sale

AVIVA Corporation shareholders yesterday voted to approve the sale of Botswana Energy Solutions – a subsidiary of the company that indirectly holds all of its interests in the Mmamantswe project in Botswana – to African Energy Resources Limited for $3.5 million.

Lou Caruana
Shareholders approve Mmamantswe sale

Aviva expects to achieve completion of the transaction within a week.

It will result in the company receiving cash consideration of $3.15 million after payments are made to Mawana for the acquisition of the 100% of the Mmamantswe prospecting licence.

Aviva attributed no value to its investment in the Mmamantswe project in its financial accounts, having written off any value associated with the project following the cancellation of the South African power procurement program in 2010.

“As such, the company is of the view that the cash consideration payable by AFR is an attractive price for an asset that has been carried at zero value by the company for several years,” it said.

Aviva became involved in the Mmamantswe project in 2007 and identified the 1.3Bt resource, which includes a probable reserve of 895 million tons.

It has completed several studies on the project and carried out a major water drilling program.

It announced in October that the environmental impact statement had been issued.

Mark Middlemas and Robert Pearce’s appointments as directors were also approved by shareholders.

Middlemas is a chartered accountant, a member of the Financial Services Institute of Australia and holds a Bachelor of Commerce degree.

He worked for a large international chartered accounting firm before joining the Normandy Mining Group, where he was a senior group executive for approximately 10 years. He has had extensive corporate and management experience and is a director with a number of publicly listed companies in the resource sector.

Pearce is a chartered accountant and is a director of several listed companies in the resources sector. He has had considerable experience in the formation and development of listed resources companies and has worked for several large international chartered accounting firms.

Pearce is also a Fellow of the Institute of Chartered Secretaries and a Fellow of the Financial Services Institute of Australia.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.