Skip to main content

Merger to create bauxite powerhouse

Published by
Dry Bulk,


MHM Metals has entered into a merger term sheet with Alliance Mining Commodities, the owner of a 90% interest in the Koumbia bauxite project in Guinea.

The Koumbia project is located in the Boke bauxite belt in Guinea, a significant regiona for premium-quality direct shipping bauxite. The government of Guinea holds the remaining 10% interest in the project.

According to MHM, the merger provides a “unique opportunity to leverage a world class project off MHM existing management’s significant experience in the development of bulk commodity and infrastructure projects to create a substantial new ASX-listed direct shipping bauxite producing company in the short to medium term.”

AMC has spent over US$40 million to date on exploration and resource delineation, a definitive feasibility study for a 10 million tpy operations, and environmental and social impact studies.

It has been granted a mining concession from the Guinean government and has an agreed mining convention for the development and operation of the mine.

The proposed merger remains subject to a number of conditions, including the completion of due diligence, which is expected by mid-December. Assuming satisfactory completion of due diligence, the companies will execute a binding merger agreement by the end of the year followed by a meeting of MHM shareholders to approve the deal in February of next year.

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/16112016/merger-to-create-bauxite-powerhouse/

You might also like

Kabel Schlepp

WEBINAR - Key criteria to ensure proper selection of a cable drag chain

In this webinar KabelSchlepp will review and discuss the items needed to ensure that a cable track is properly selected and sized for the user’s application. How diameters and weights of the fill package effect cable track selection and how the jacket material of the fill package influences the cable track design. Register for free today »

 
 
 

Embed article link: (copy the HTML code below):