By Robert Tyerman | Tuesday 9 June 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Shares in longstanding AIM loser Armadale Capital (ACP) have bounced following its heads of agreement with Belgian-owned Congolese group Africa Mining Contracting Services. This ‘introduces’ $20 million (£13 million) of debt to take Armadale’s Mpokoto gold and copper project in the Democratic Republic of Congo’s mineral-rich Katanga province into production next year. Floated nine years ago at 10p as mine drainage specialist Watermark Global, the company has lately seen its shares treble from a bombed-out 0.2p to 0.6p, twice the price of its £270,000 fund raising in March, on the hope that Mpokoto can start producing gold from the first half of 2016 at an annual rate of 25,000 oz. at an ‘all-in’ cost of $720 an ounce, against a present lacklustre gold price of $1,174.80c.
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