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article from the star newspaper in malaysia

  1. 35 Posts.
    Tuesday December 15, 2009
    Invitation to Malaysians to invest in a US$1.8bil gold mine

    KUALA LUMPUR: Noble Mineral Resources Ltd, an Australia-based mineral exploration company, is offering Malaysian institutional investors a chance to co-own a gold mine in Ghana with an estimated US$1.8bil of gold reserves.

    The Australian listed company is set to be a major gold producer after it won a tender to acquire Central African Gold Ghana Ltd (CAGGL) from Investec Bank Ltd, beating more than 200 bidders.

    Managing director Wayne D Norris said to kick-start the Bibiani gold mine, the company was inviting interested Malaysian investors to subscribe its private placement of up to 150 million shares, or a 45% stake in the company, at A$0.40 per share.

    CAGGL was bought from a South African bank, Investec, via the issuance of four million new Noble Mineral shares with an option of another six million new shares. Noble Mineral will also assume CAGGLs debt of less than A$40mil, Norris told a press conference yesterday.

    Noble Mineral Resources Ltd Chairman YAM Tunku Naquiyuddin ibni Tuanku Ja'afar left_ and Managing Director Wayne D Norris t the press conference on Monday.
    Norris said the company expected to start producing gold within eight to 18 months with an annual output of 100,000 ounces.

    According to Noble Mineral officials, the gold price now stands at about US$1,100 per ounce, from about US$800 an ounce as at end-2008, while the cost to produce the commodity in Ghana was around US$450 to US$550 per ounce.

    Noble Mineral, which is 28%-owned by its chairman Tunku Naquiyuddin Tuanku Jaafar through Global Gold Holdings Bhd (the largest corporate shareholders in Noble) expects to raise up to A$60mil from the private placement.

    The private placement will increase the companys paid-up capital to 309 million shares.

    Tunku Naquiyuddin said Noble was now in talks with six major local institutional investors as there was clearly a serious opportunity for them to get involved through this private placement option.

    We are having our (private placement) road show until Wednesday, he said, adding that the Joint Ore Reserve Committee (an industry standard pronounced by three industry associations in Australia) had officially estimated that the Bibiani mine had 1.6 million ounces of gold reserve.

    Our own estimate is about five million ounces, he said.

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