African Mines and Exploration (AME) has agreed to buy an 80 percent stake of Matilda Minerais Limitada, a private Mozambican company that mines heavy sands, the company said in a statement issued Monday.
Matilda Minerais has an exploration license in Jangamo, with an area of 180 square kilometres, next to the Matumba heavy sands deposits, and whose license is owned by Anglo-Australian group Rio Tinto.
Under the terms of the agreement AME will make a cash payment that is the equivalent of the amount invested in the project so far to a maximum of 125,000 Australian dollars and payment in shares to the value of 400,000 Australian dollars after receiving 80 percent of shares in Matilda Minerais.
The remaining 20 percent may be sold later or diluted into the project after conclusion of the definitive economic viability study.
AME also said it expected to invest 450,000 Australian dollars in exploring the only asset owned by Matilda Minerals in the first year after acquisition of its stake in the Mozambican company.
African Mines and Exploration is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
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