TIDMURAH
RNS Number : 0480R
URA Holdings PLC
27 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
27 February 2023
URA Holdings plc
("URA" or the "Company")
Completion of Acquisition of Historical Gravelotte Emerald Mine,
South Africa, Issue of Equity and Total Voting Rights
URA Holdings plc (LSE: URAH) is pleased to announce that it
completed the acquisition of G.E.M Venus Holdings (Proprietary)
Limited ("Gem Venus"), the ultimate owner of the majority interest
in the Gravelotte emerald mine ("Gravelotte") located in the
Limpopo province of South Africa from Magnum Mining and Exploration
Limited ("Magnum").
Highlights
-- Following the completion of the acquisition URA will now
issue Magnum 4,000,000 ordinary shares, credited as fully paid (the
"Consideration Shares"), equal to the consideration due upon
completion of GBP100,000 and calculated using an average mid-market
closing price of 2.5p. over the measuring period.
-- Gravelotte was historically the largest emerald mine in the
world and was operational from 1929 to 2002 with total recorded
historical emerald production from Gravelotte of nearly 113 million
carats:
-- During 2022 URA established an independent maiden JORC (2012)
Mineral Resource Estimate of 29 million carats of contained emerald
in just two out of the openpittable deposits on the Gravelotte
property
-- 12 Additional JORC (2012) Exploration Targets totalling
between 168 million carats and 344 million carats were also
established
-- The JORC Resource highlights the significant remaining
resource and potential of the mine and paves the way to committing
to the restart of operations by URA.
-- Mine, processing plant and infrastructure upgrades currently
in progress with the goal of restarting production in 2023,
refurbishing existing on-site facilities
Ed Nealon, Chairman of URA commented: "We are delighted to have
completed the acquisition of the world renowned Gravelotte Emerald
mine. The vast majority of the purchase price is to be paid from
future emerald production and sales. During 2022 we made
significant progress towards the restart of mining operations. URA
established the first ever code compliant independent resource for
the Gravelotte project by commissioning an initial JORC Resource
which identified 29m carats of contained emeralds. This resource
represents a life-of-mine of over 10years at historical peak
production rates. We further believe that this already large
resource can and in due course will be increased further as
indicated by the large JORC exploration target of between 168
million carats and 344 million carats. We are now preparing for the
restart of mining and processing operations and believe that this
can be achieved by a modest capital investment."
Details of the Transaction now completed
Following the satisfaction or waiver of all conditions
precedent, URA has now acquired 100% of the issued shares in GEM
Venus (a company incorporated in the Republic of South Africa) and
its subsidiary companies (the "Acquisition"), from Magnum, an
Australian public company listed on the Australian Stock Exchange.
Through the Acquisition, URA has acquired a licence giving the
rights to exploit the historical Gravelotte mine (also known as the
"Cobra Emerald Mine") in South Africa.
The key terms of the Acquisition are -.
-- 4,000,000 Consideration Shares, credited as fully paid, equal
to the consideration due upon completion of GBP100,000 and
calculated using an average mid-market closing price of 2.5p. over
the measuring period.
-- Additional consideration of AUD200,000.00 (approx.
GBP123,000) in cash for each 5,000,000 carats of emeralds produced
by Gravelotte up to a maximum aggregate amount of AUD2,000,000
(approx. GBP1,230,000) as a production royalty.
-- Gem Venus owns 74% of the issued share capital of ADIT Mining
(Proprietary) Limited ("ADIT") and Venus Emerald (Proprietary)
Limited ("Venus") which hold all the mineral rights in respect of
emerald mining and extraction at Gravelotte. The remaining 26% of
the issued share capital of Adit and Venus are held by a Black
Economic Empowerment ("BEE") compliant structure predominantly
consisting of local employees and the local community.
These mineral rights are held through a long-term mining lease
agreement providing all surface access and rights required for
ongoing exploration and development of Gravelotte, including the
use of management housing, offices, staff accommodation, workshop
and other existing mine infrastructure on site.
Project Summary
The Gravelotte Mine is located close to the town of Gravelotte
in the Limpopo province of South Africa. The Gravelotte Mine is
located in an area with well-developed infrastructure and other
world-class mining operations including the Consolidated Murchison
Mine, the oldest known antimony deposit in the world, and the
Phalaborwa Copper Mine and Refinery.
Emeralds were discovered in the Gravelotte area in 1927 and
since then several companies have mined and explored the area for
emeralds. Historical records indicate that during the 1960's the
Gravelotte Project was the largest emerald mine in the world,
employing over 400 sorters.
From 1929 to 2002 the total recorded emerald production from
Gravelotte and the surrounding area was nearly 113 million carats
of which Gravelotte substantially the largest contributor. The
Cobra open pit located on the Gravelotte Mine property is
historically the biggest single emerald producing open pit in the
region and is reported to have produced 21 million carats in the
mid-1960's.
Following extensive work done by URA on the project since
signing of the acquisition agreement in March 2022, a maiden
independent JORC (2012) Resource of 29 million carats of contained
emerald was established by ACA Howe. Of this total, the Cobra pit
holds 1.2 million tons at 6.4 grams per ton for 19.4 million carats
of contained emerald and the nearby Discovery deposit holds 0.7
million tons at 5.7 grams per ton for 9.6 million carats of
contained emerald. 12 Additional JORC (2012) Exploration Targets
totalling between 168 million carats and 344 million carats were
also established by ACA Howe (please see JORC Resource announcement
dated 21 November 2022 for more detail). It is to be emphasised
that these resources are exploitable using open pit techniques. The
maiden JORC Resource at this historically major mine area shows the
mine to be of continuing major international significance.
Much of the historical mining infrastructure remains in place
and is currently being upgraded for reuse. While the Company will
need to acquire a modest amount of new mining and processing
equipment (using optical sorters to replace the labour-intensive
hand sorting of the past), we expect to be able to bring Gravelotte
quickly back into production.
URA's overall immediate objective is to complete preparatory
work and bring Gravelotte back into commercial production. We will
keep shareholders informed of progress as we move towards
production.
Applications have been made to the Financial Conduct Authority
(the "FCA") for the Consideration Shares to be admitted to listing
on the standard segment of the Official List maintained by the FCA
and to trading on the main market for listed securities of London
Stock Exchange plc. It is expected that admission of the
Consideration Shares will occur on or around 8.00 a.m. on 2 March
2023.
Total Voting Rights
Following the issue of the Consideration Shares, the Company's
issued share capital will consist of 145,845,590 ordinary shares,
with voting rights. This figure may be used by shareholders in the
Company as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules. The Company
does not hold any Ordinary Shares in treasury.
The person who arranged for the release of this announcement was
Bernard Olivier, CEO of the Company.
- Ends -
For further information please contact:
URA Holdings plc +44 (0)746 368 6497
Bernard Olivier (CEO)
Peter Redmond (Director) info@uraholdingsplc.co.uk
Jeremy Sturgess-Smith (COO)
Peterhouse Capital Limited
Lucy Williams
Duncan Vasey +44 (0)20 7469 0930
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