Premier African Minerals has agreed with Amire Glory to sell its 52% stake in Mozambican company TCT Indústrias Florestais, whose assets include limestone deposits and forest concessions, the company said in a statement to the market on Wednesday.
The statement also said that Premier African Minerals Limited will keep a 50% stake in the limestone deposits once this deal is completed.
TCT – Indústrias Florestais is controlled by Premier African Minerals, which in November 2016 acquired a controlling stake of 52% in Transport Commodity Trading Mozambique Ltd (TCTM) and in GAPI Sociedade de Investimentos, in two tranches of 26%, for a total of US$ 2.1 million.
The agreed amount has not yet been paid to the two Mozambican companies, and the contract for the sale of the forestry concession stipulated that Amire Glory would pay this debt.
The company has an operating license for a limestone deposit in an area of 27 square kilometres and a forest concession with 24,812 hectares located in the centre of Mozambique, along with a sawmill and a factory for production of furniture and semi-finished products for export.
Amire Glory was set up to acquire a controlling stake of 60% in the Madal group based in Quelimane, in Mozambique’s Zambézia province, with interests in forest and agricultural resources and in tourist facilities.
The company controls a portfolio of strategic metals assets and agro-mineral projects in Southern and West Africa. (macauhub)