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Minemakers shareholders support Baobab deal

21st August 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The shareholders of ASX-listed Minemakers have backed the acquisition of the Baobab phosphate project, in Senegal.

More than 58-million shareholders voted in favour of the transaction, with only 798 766 votes opposed.

In April, Minemakers announced that it would acquire the Baobab project from shareholder Agrifos in exchange for 100-million Minemakers shares, 80-million unlisted options at an exercise price of 25c each and a further 80-million contingent shares, which could be vested on the reaching of two separate milestones.

The company has previously told Mining Weekly Online that it hoped to start bulk sampling at Baobab before the end of the year.

A maiden inferred resource of 68-million tonnes, grading 22% phosphorus pentoxide (P2O5) was declared at the Gadde Bissik prospect, which forms part of the greater Baobab project. Some 25-million tonnes of inferred resource grading 23% P2O5 was also reported within the small mine permit application area of Gadde Bassik East.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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