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and then , a recent summary was along these lines:

Lindian Resources Limited (LIN) is an ASX listed Mineral Exploration Company with a portfolio of high grade bauxite assets on both the West and East coasts of Africa. Company has a current focus on the Gaoual Bauxite Project in Guinea, West Africa.

followed by the Quarterly:

Lindian has had the focus for the quarter on negotiating the terms of a legally binding transaction whereby the Company can acquire a 100% interest in Rift Valley Resource Developments Limited and its Kangankunde Rare Earths Project, along with the ongoing development of its bauxite projects in Guinea.

  • During the quarter, Lindian confirmed it had reached an out of court settlement in connection with a dispute in the Malawi Supreme Court of Appeal, relating to its proposed acquisition of up to a 75% interest in the Kangankunde Rare Earths Project.
  • Successful completion of a $2m share placement, through the issue of 20m fully-paid ordinary shares to a high net-worth investor at 10c per share ; a 16% premium to the previous closing price.

At the end of the quarter, the Company was debt free and held $2.177m in cash.  


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One day later (and up 30%)

• Lindian has entered into an agreement to acquire 100% of the shares in Rift Valley Resource Developments Limited, the owner of the Kangankunde Rare Earths Project, for a total purchase price of US$30 million
•  The Kangankunde Project is a carbonatite hosted system and a globally significant deposit with major potential in size and grade, with a granted mining licence, ML 0290
• Historical Estimates reported an Inferred Mineral Resource (JORC 2004)
• The ratio of Neodymium and Praseodymium (NdPr) in concentrate is about 19%
• Previously metallurgical test work supports the deposit being amenable to a low cost gravity separation concentration producing a 60% REO concentrate
• The Project is located near excellent infrastructure;
• The Nacala corridor railway line is located 9km to the east providing access to the deep water Port of Nacala
• The M1 highway and main power transmission line are located 4km to the west of the project

• Project economics have not been independently updated since 2011. Since then, NdPr, a highly strategic and critical product, has become increasingly valuable and important in permanent magnets for electric vehicles
• Immediate technical works program includes community engagement, redeveloping access for planned drill programs and sampling for updating metallurgical testwork leading to engineering works programmes
• The purchase price is payable in four tranches, comprising a non refundable deposit of US$2.5 million, and a further US$27.5 million payable in three tranches within 48 months from signature date of the share purchase agreement
• The Transaction remains subject to the approval of Lindian shareholders which is to be sought at a general meeting expected to be held in September.

The $2.5 million deposit takes care of their cash so:

Lindian is confident it will be able to raise sufficient funding (either through raising equity in Lindian or the Lindian subsidiary that is to acquire the shares in Rift Valley) so as to be able to pay the tranches of the purchase price as and when such amounts are required to be paid. As announced earlier today, Lindian has received a binding commitment to raise $3 million (before costs) to subscribe for 15,000,000 fully paid ordinary shares at $0.20 per share.

From 13c before the Trading Halt, LIN opened at $0.19, and is now $0.17


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