GVM Gvm Metals

RNS Number:9733M
GVM Metals Ltd
30 November 2006

                               GVM METALS LIMITED





                      JSE LISTING AND LIMPOPO ACQUISITION



ASX and AIM quoted mining and minerals processing company GVM Metals Limited ("
GVM" or the "Company"), wishes to advise that today the Company will list on the
main board of the Johannesburg Stock Exchange ("JSE"), this satisfying the last
suspensive condition relating to the acquisition of a 74% interest in Limpopo
Coal.



Therefore, the Board has resolved to issue 20,812,500 fully paid ordinary shares
in the Company to the vendors of an interest of 74% of Limpopo Coal, as approved
by shareholders on 28 June 2006.  These shares will be admitted to trading on
AIM.



GVM has embarked on an exciting program of coal exploration and mining in
conjunction with its South African Black Empowered Partner ("BEE"), Motjoli
Resources (Proprietary) Limited, and views the listing as an important step to
becoming a major player in the South African coking and steam coal market.



GVM Managing Director, Simon Farrell today said "Building on our Australian and
London investor base, GVM is now able to attract South African investors as
shareholders which is appropriate given that our assets are predominantly
located in this country.  We believe that an opportunity has been created for
South Africans to invest in their own resources, and share in our growth."



GVM decided to list on the JSE in order to effectively operate in the South
African Market, where Reserve Bank restrictions on both individuals and
companies have made the acquisition of South African assets by foreign companies
issuing shares difficult.  The ability to expand the asset base with both cash
and shares gives the Company greater flexibility with those vendors wishing to
participate in the value growth of the assets they are selling.



GVM has its primary listing on the Australian Stock Exchange with a secondary
listing on the Alternative Investment Market (AIM) of the London Stock Exchange.




GVM has decided to focus on the opportunities presented in South African coal
mining with investments in the Holfontein and Limpopo coal projects located in
the Mpumulanga and Limpopo provinces of South Africa respectively.  GVM plans to
bring Holfontein into production in the first half of 2008 and the Limpopo
project the following year.



Further, GVM recently announced the execution of a binding Heads of Agreement
with Motjoli, to acquire Motjoli's 51% interest in the Holfontein coal project,
taking GVM's interest to 100%.  Further, the Heads of Agreement includes the
acquisition of Motjoli's 50% interest in the Baobab J.V. coal project and its
100% interest in three Limpopo prospecting licenses adjacent to those held by
the Baobab J.V.



Motjoli's 50% interest in the Baobab J.V. with Baobab Mining and Exploration ("
BME"), a wholly owned subsidiary of Petmin Ltd, consists of granted prospecting
rights over sixteen farms in the Soutpansberg/Mopane coal fields located within
the Limpopo Province in the north of South Africa.  These farms intermingle with
or adjoin farms held by Rio Tinto as part of their Chapudi Project.  The total
area of these farms is in excess of 23,000 Hectares, bringing GVM's total
interests in the Limpopo coalfields to approximately 32,000 Hectares.



Motjoli is owned and controlled by Mr Nchakha Moloi and Ms Nonkqubela Mazwai.
Mr Moloi is also the chairman of Alexkor as well as a director of a number of
other organisations.  Ms Mazwai is a director of the Central Energy Fund and the
Strategic Fuel Fund.  GVM sees its partnership with Motjoli as critical to
forging a sustainable relationship with a highly credible BEE company to the
benefit of both parties.



GVM also holds 100% of NiMag (Proprietary) Limited, a producer of a range of
metal alloys and fibres based in Magaliesburg near Johannesburg in South Africa.
  Nimag supplies approximately 40% of world demand for nickel magnesium and
ferro-nickel magnesium products.




For more information contact:

Simon Farrell, Managing Director - GVM - +61 417 985 383 or +27 828 230 615

Leesa Peters - Conduit PR - +44(0) 20 7429 6606

Olly Cairns - Corporate Synergy Plc - +44(0) 20 7448 4400



                                 www.gvm.com.au










                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

LISAKKKQFBDKFDN

Gvm Metals (LSE:GVM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024

Gvm Metals (LSE:GVM)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024