Joint Venture with the CalMe Group (1758H)
May 24 2011 - 5:50AM
UK Regulatory
TIDMCGM
RNS Number : 1758H
Consolidated General Minerals PLC
24 May 2011
CONSOLIDATED GENERAL MINERALS PLC
Joint Venture with the CalMe group
24 May 2011 - Consolidated General Minerals plc ("CGM" or the
"Company") announces that it has entered into an agreement whereby
Cal.Me S.p.A. ("Calme") and the Company will jointly build and
operate a clinker grinding mill and cement packing plant in the
Sofala Province, Mozambique. Calme, a private family managed
company, is a leading cement and lime producer in Italy with a
strong engineering culture. Calme will be the joint venture's EPCM
contractor.
The plant will have a design capacity of 110 tonnes per hour and
will supply quality cement at a reasonable price to the growing
local market and certain export markets in landlocked Zimbabwe,
Zambia, Malawi and the Katanga Province (DRC). Calme and CGM have
agreed to a minimum equity funding commitment of USD 8 million.
CGM's minimum equity commitment is USD 4 million. The balance of
the project funding will be raised from third party financial
institutions.
Engineering design is well advanced and preparatory work on the
industrial site in Beira, including an environmental impact study
has been initiated. Construction of the plant is expected to take
approximately 12 to 14 months after securing the necessary
approvals primarily the environmental license.
Commenting on the agreement Robert Adair, Chairman of CGM said:
"We are pleased to have our first project under our investing
policy now in progress. We are very positive about our future
relationship with the Calme group and look forward to commencing
construction of the plant shortly. The Company has a number of
additional projects in development aligned to the investing policy
and we look forward to progressing these in the near term."
For further information contact:
Consolidated General Minerals
plc
Robert Adair, Chairman + 44 (0)7872 930 114
Jean-Pierre Conrad, Executive
Director + 41 (0)79 601 51 59
Brewin Dolphin (Nomad)
Alex Dewar + 44 (0)131 529 0276
Threadneedle Communcications
Laurence Read + 44 (0)20 7653 9855
Notes to Editors:
Consolidated General Minerals plc's ("CGM") investment policy is
to create shareholder value by identifying and acquiring holdings
in businesses and ventures active in natural resources with a
particular focus on the minerals (including industrial minerals)
and metals sectors. At 31 December 2010 CGM had net assets of $20.9
million and no long-term debt or borrowings. As of the date of this
release, the Company has approximately USD 20.3 million of cash on
hand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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