BRITANNIA INTENDS TO DIVERSIFY MINING OPERATIONS – STEMMING FROM INTEREST ABROAD
London, July 16, 2012--Britannia Mining Plc, a UK based mining development company announced today that management intends to diversify its product supply to satisfy demand from its customer base – possibly leveraging the assistance of strategic U.S. partners.
Britannia Mining has indicated that the company's intention is to develop its existing gold trading activities to encapsulate management's expertise in developing world class mining assets for short, medium and long term cash flows. Leveraging management’s experience and capital resources, the company will move to secure operational mines and exploration gold assets to deliver on the company's strategy to become a more diversified miner.
President and CEO Kenneth Roberts said, "Venturing into the gold mining arena has been something that we have considered for some time in light of our gold trading business. The next natural step for Britannia is to optimize value at the start of the supply chain to deliver increased value to our shareholders"
With the company’s developing iron ore project at Nthale Hill in Malawi, responsibly expanding mining operations means, Britannia strategically aligning itself with appropriate gold mining/exploration companies. Management indicates they have identified a favourable prospect in the United States and will likely pursue this option rather aggressively.
Kenneth indicated Britannia has the full backing of its investors, concluding, "A U.S. partner will serve two purposes. The first would afford Britannia the ability to broaden its current investor base. And given recent and very positive international developments in political relations with Malawi, the other [purpose] would strengthen our cause to develop the 650 sq km of property in Malawi we’ve acquired the rights to.”
Management expects that a U.S. based public company is the more probable candidate for its strategic partnership.
About Britannia Mining
Britannia Mining is an explorer and developer of mining projects. The company actively trades mined mineral products to its existing customer base. The company is developing a high grade iron ore project in Malawi and holds an Exclusive Prospecting Licence (EPL) for iron ore over 650 sq km at Nthale, Blantyre. From magnetic imaging studies that have been completed over a test area of 20 sq km, the company has located a number of ore bodies that indicate this 20 sq km area could yield upwards of 40 million tonnes iron ore. The company intends to mobilise a drilling program, where upon completion the data will provide a resource definition of the 20 sq km test area.
Britannia Mining is in talks with a number of potential partners to implement a near term mining plan at Nthale Hill.
Contact information
Nicola Newmarch +44 (0) 20 3 170 8565
Britannia Mining Plc
www.britanniamining.co.uk
Tags: