[2008-07-30]  African Eagle eyes LuSE
AFRICAN Eagle, the company with a 49 per cent stake in the Mkushi copper project, is contemplating listing on the Lusaka Stock Exchange (LuSE) to raise US$70 million for the venture.

According to miningmx. website, the company could alternatively bring in the Zambia Consolidated Copper Mines Investment Holdings (ZCCM IH) as a financier.

The company’s operations director, Chris Davies, is quoted as saying that the company could apply for listing on the LuSE to raise the required funds or invite ZCCM IH, which would entail reducing its own stake in the venture.

Mr Davies said the partner on the project, Australia’s CGA Mining, would lead the fundraising activities.

“We are looking at the possibility of listing African Eagle in Lusaka, which will give Zambians the chance to invest in the Mkushi project.

“An alternative might be to allow ZCCM IH to invest directly in the project, trimming African Eagle’s stake,” he said.

Talks on financing the project will begin in earnest once the reserves are established in August towards a bankable feasibility study in November.

The Mkushi venture is the most advanced of African Eagle’s projects which include three other copper exploration projects in Zambia and a gold project in Tanzania.

African Eagle, which is listed on the alternative exchange of the Johannesburg Stock Exchange, is also hunting for partners at its Ndola project and the Eagle Eye iron oxide, copper and gold prospect.

Phelps Dodge Mining (Zambia) decided not to pursue exploring the Ndola copper prospect, leaving African Eagle with sole ownership.

Mr Davies said there had been inquiries on both projects by some major firms and groups already involved in copper projects in Zambia and some of them had expressed interest in the Ndola project.

“Now that we have identified targets, we can cut a better deal with other companies,” he said.

Source: © 2005 Times Printpak Limited.