EFG Continent - Daily Update, Nov 5, 2012.
African Resources bids for Hambledon Mining (page 2)
Prophecy Coal receives assessment of Chandgana Tal project (page 2)
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African Resources bids for Hambledon Mining
Hambledon Mining (HMB) informed that it had reached agreement with African Resources on a cash-only bid by African Resources to buy out up to 60% stake in Hambedon. African Resources is a company incorporated specifically for making the offer and partially controlled by the Assaubayev family. The offer values HMB at 2 pence a share, implying a A[pounds sterling]19.6 million valuation of the company and representing a premium of approximately 66 % to the HMB's closing price of 1.2 pence on 1 November 2012.
The news is positive for HMB shares, in our opinion, as the acquisition revitalizes the company's market valuation, helping existing shareholders realize value in their investments at a significant premium. The stock's performance has already been buoyed by the announcement as HMB was up 37% on Friday.
Prophecy Coal receives assessment of Chandgana Tal project
Prophecy Coal (PCY) announced the NI 43-101 compliant Preliminary Economic Assessment (PEA) on its Chandgana Tal coal mining licenses in central Mongolia. The two Chandgana Tal mining licenses contain an estimated 124 million tonnes of coal resources. The average in-place coal gross calorific value is 3,306 kcal/kg. After a short ramp-up period, mine production will be 3.5 million tonnes per year throughout the 30 year life of the mine.
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