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Trustco’s Sierra Leone mining operations boosted with large scale mining licence approval

Trustco’s Sierra Leone mining operations boosted with large scale mining licence approval

Trustco Group Holding in a statement to shareholders announced that Meya Mining received a letter from the National Minerals Agency (NMA) of Sierra Leone confirming that the large scale mining licence has been approved on the recommendation of the Minerals Advisory Board.

Meya Mining is the diamond mining operation of the Trustco Group in Sierra Leone.

In a bulletin on the Stock Exchange News Service (SENS) this week, shareholders were advised that Meya Mining received its Large Scale Mining Licence No ML2/2019 issued by the Minister of Mines and Mineral Resources for an initial term of 25 years with effect from 26 July 2019.

According to Trustco, shareholders are further referred to the SENS announcement dated 9 August 2018 where it was announced that both hurdle components have been achieved on the exploration results to the before mentioned date.

“Hurdle” means an intrinsic value of at least 3 million carats and/or a value of at least US$ 1 billion valued at international market prices, the announcement added.

According to Trustco, this was achieved during the Phase 1 exploration programme which focused on only 1 Dyke zone.

The announcement also stated that Meya Mining will continue its resource development programmes with the aim to define the resource in full.

Meanwhile, according to the announcement, ML2/2019 encompasses an area of 129.4 km2 and at least 16 more dyke zones were identified, which would unlock the full geo- economic potential.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.