Premier African Minerals Ltd has closed acquisition of a controlling stake in TCT Indústrias Florestais Lda, a Mozambican company with interests in a limestone mine and a logging business, indicates a statement released on Monday in London.
Under the deal, Premier African Minerals Ltd will obtain a 52 percent stake in TCT Indústrias Florestais Lda for USD 2.1 million – 26 percent from Transport Commodity Trading Mozambique Ltd (TCTM) and 26 percent from GAPI Sociedade de Investimentos.
TCT Indústrias Florestais Lda is a private company that holds a license to exploit a 27 sq. km limestone deposit and a 24,812 hectare forestry concession in central Mozambique. An associated sawmill and factory produce furniture and semi-finished products for export.
The limestone deposit is located within the forestry concession 20 km southwest of Caia, served by the Sena railway line between Tete province and the city of Beira.
The forestry concession is valid for the next 10 years and can be renewed for a further 50 years. The concessionaire is permitted to cut 3,000 cubic metres of wood per year.
Premier African Minerals is a company specialising in exploitation of natural resources in western and southern Africa. It is listed in the Alternative Investment Market of the London Stock Exchange. (Macauhub)