TPL gets nod for Zim acquisition
PERTH (miningweekly.com) – ASX-listed explorer TPL Corporation has received approval from the Zimbabwe Investment Authority to acquire a 70% interest in African Chrome Fields, which owns a number of high-grade eluvial chrome deposits and a processing plant.
The Zimbabwe Investment Authority has approved the transaction, subject to a number of conditions, including that TPL fund all exploration costs and upon the start of production, fund development cost.
The Australian junior would also be required to arrange funding for the subsidiaries carrying a commercial rate of interest having regard to operating risks of the company.
Zimbabwean company Farvic Consolidated Mines, which currently owns African Chrome Fields, would also retain the right to claw back 21% equity interest in African Chrome Fields through a share purchase from TPL.
TPL said this week that it would progress its application to receive a quota to export a fixed tonnage of chrome concentrate, now that it had received its licence to acquire the majority stake in African Chrome Fields.
The profits from export would be used to finance the construction of a high-grade ferrochrome smelter, subject to feasibility studies.
TPL intended to restart African Chrome Fields’ first chrome mine and processing plant within the first quarter of 2014. The existing plant at the Chinyika concession was capable of processing some 30 000 t/m of feedstock to generate around 3 000 t/m of chrome feedstock.
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