Montreal, Quebec, April 26th, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: The state mining company, which has already been granted prospecting rights in 27 areas of the country, still does not know where it will get its budget for its activities.
The African Exploration Mining and Finance Corporation (AEMFC), which was recently hived off from the Central Energy Fund (CEF) group of companies to form a stand-alone mining company in line with ANC government policy to form a state mining company, has only one fully-fledged coal mining license at Emalahleni in Mpumalanga.
In reply to a parliamentary question from DA economic development spokesman Kobus Marais, Mineral Resources Minister Susan Shabangu noted that the company also had interests in diamond and limestone exploration.
It is still not clear exactly how the company will raise funds for its activities with Mineral Resources Department spokesman Bheki Khumalo noting that the department did not fund the entity. Mandla Tyala, a spokesman for the CEF referred queries to Sizwe Madondo, the AEMFC chief executive.
Madondo could not be reached for comment but Tyala noted that the entity did not want to comment as it was busy with its corporate plan. Shabangu, in reply to a question from Freedom Front Plus MP Anton Alberts said it had “not yet been determined where the AEMFC budget will come from”.
Madondo had said at the launch of the Vlakfontein coal operation in Mpumalanga in February that black economic empowerment companies owned many prospecting rights which could be used as vehicles for the AEMFC.
Meanwhile, the minister said an inter-departmental task team had been established “to finalise modalities” of hiving off the AEMFC from the CEF “as per the directive of cabinet in December… the modalities will indicate its funding options”.
The prospecting rights span seven of the nine provinces, with the exception of the North West and Western Cape.
It has rights to prospecting for coal in Gauteng – in one area, Heidelberg – and in seven areas in the Free State. They include three in Sasolburg and two in Frankfort.
It has rights to explore for “various minerals” in the Free State in five areas. They are Heilbron, where it has rights in four areas, and Kroonstad.
In Limpopo the AEMFC has a coal right in Waterberg, a limestone right in Bela Bela, two uranium rights in Mookgopong and a coal right in Molemole. In addition it has iron ore, manganese, platinum group mineral, cobalt, nickel, chrome, gold and phosphate exploration rights at Lepelle-Nkumpi in Limpopo.
Its sole exploration right for coal and uranium ore in KwaZulu-Natal is held at Ladysmith. It has two uranium exploration rights in the Northern Cape – one in Namaqualand and the other in Calvinia.
It has diamond exploration rights in Hopetown and Herbert. The sole right in the Eastern Cape is at Coega, outside Port Elizabeth. It has two coal exploration rights in Mpumalanga, both at Witbank.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
- Go Public strategy,
- Debt and or equity financing
- Identify prospective investors
- Hire investor relations firm
- Cross listing decisions
- Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Jean François Amyot
1400 rue Begin
Montreal, QC H4R 1X1
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