[2007-11-29]  Aussie Company Secures Dual Listing On the BSE
Australian Energy company Aviva Corporation listed on the Botswana Stock Exchange on Monday, joining a growing list of international resources companies who have obtained a secondary listing on the Botswana bourse.

Aviva, which is also listed on the Australian Stock Exchange, has energy interests in Botswana (Mmamantswe Project) and in Australia (Coolimba Power Project).


Upon listing on Monday, the Perth-headquartered company's shares closed the day's trading a the price of P4.56 per share with 24,077 shares being traded from the 78 million that the company listed on the BSE.

Aviva is earning a 90 percent interest in the Mmamantswe Project in Botswana where it is targeting 600 metric tonnes of coal.

The mine is located near the border with South Africa 70 kilometres north-east of Gaborone. It is adjacent to key infrastructure, including a highway, a railway line, and high voltage transmission lines.

The energy company listed on the venture capital board under Foreign Companies to become the seventh resource firm on the board alongside the likes of Diamonex, Discovery, A-Cap, African Diamonds and CIC Energy.

Speaking recently about the listing of Aviva on the BSE, the Chief Executive Officer of the company Lindsay Reed said a dual listing was an important step forward for shareholders.

"The BSE listing will facilitate a broader shareholder base, provide access to growth capital and, more importantly, provide an opportunity for individuals and funds in Botswana to invest in the resources of their country," Reed said.

"The BSE has a strong regulatory framework, and the Botswana capital markets are well regarded due to strong and consistent political governance, sound economic management and social stability."

The listing will increase public awareness of Aviva's strategic plans for developing new power generation capacity to support Botswana's strong economic growth and new resource developments.

"Recent drilling at Mmamantswe supports Aviva's target of a 600-million tonne deposit.

The drilling programme will be completed soon and a resource estimate will be prepared by the end of the year,"said Reed.

Aviva is planning to fast-track the development of the Mmamantswe Project and will soon commence scoping studies for a 1500MW integrated energy development.

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In June 2007, Aviva signed a Heads of Agreement with Mawana Minerals (Pty) Ltd. of Botswana to enter into a joint venture over the Mmamantswe Coal Project.

The agreement stipulated that Aviva will spend $US0.5M over 18 months, upon which Mawana will grant it an exclusive right to earn a 90 percent joint venture interest in the project by undertaking a bankable feasibility study.

Mawana will be free-carried to production on its 10 percent interest and will have the right to take up a further 15 percent on a fully funded basis.





Source: Copyright © 2007 Mmegi/The Reporter.