Thabex seeks funding for new mine

Thabex seeks funding for new mine

Thabex Exploration, a South African mining exploration company, plans to raise R450 million to finance the building of a mine in the country’s Northern Cape province.

Exploration results at its Salt River base-metals project indicated the project to be “sufficiently robust” for the company to raise the funds, Thabex said in a statement to the Johannesburg Stock Exchange on Thursday.

The company will sell R50 million of shares and list them on London’s Alternative Investment Market to complete a feasibility study and a “pilot plant” at the site.

“A further 400 million rand will be raised to construct a mine and recovery plant after the successful commissioning of the pilot plant,” the company said. – Bloomberg

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