Berkeley Mineral has funding for Kabwe acquisition

26th Nov 2010 08:01

Mining and processing company Berekeley Mineral is on the look-out for more things to buy once it has completed the acquisition of the remaining tailings at Kabwe, Zambia.The company acquired an option to secure the rights to process the remaining stockpiles of lead and zinc at Kabwe Mine, Zambia in June 2010, and is still working on completing the acquisition.Under an agreement for the processing rights to all the tailings dumps at Kabwe, the company has contracted to issue 80m ordinary shares and pay $3m in cash."We are looking to complete the acquisition at Kabwe as soon as practicable especially as the capital costs of our planned processing plant are now funded," said Masoud Alikhani, chairman of Berkeley Mineral Resources.The company, which has yet to generate any revenue other than finance income, lost £0.51m in the year to 30 June, compared with a loss of £0.41m the year before.At the end of the reporting period the company had cash and cash equivalents of £142.2m.