https://www.miningweekly.com

ACR to raise £1.9m to advance Zimbabwe project

21st January 2013

By: Idéle Esterhuizen

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed African Consolidated Resources (ACR) has agreed to a subscription of 54.33-million of its new ordinary shares to raise gross proceeds of £1.9-million.

The Southern African-focused resource and development company’s directors estimated that the net proceeds of the subscription would be sufficient to fund its near-term liabilities and the advancement of its key projects, particularly the Pickstone-Peerless gold mine, in Zimbabwe.

The company indicated that it continued to explore all sources of funding, as further funding was anticipated to be required in the second quarter of 2013 to enable it to continue operating as a going concern and to develop the Pickstone-Peerless project, together with its portfolio of high-impact assets.

Last week, ACR announced that it had appointed Craig Hutton as its new CE with immediate effect to replace Andrew Cranswick.

"Today's subscription and Hutton's recent appointment as CE marks a key transformation in ACR's development from an exploration company to a mining company,” chairperson Roy Tucker said.

He added that Hutton’s initial focus would be on the advancement of the Pickstone-Peerless project, as it moved towards a production phase targeting 15 000 oz/y to 20 000 oz/y of gold in the near term.

"Pickstone is an important development for Zimbabwe and it requires full involvement from all stakeholders. [Hutton], with the support of recently announced management changes in Zimbabwe, will be tasked with ensuring that all stakeholders benefit from this emerging opportunity," Tucker noted.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.066 0.978s - 110pq - 2rq
Subscribe Now