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Kazakhstan tycoon family is buying Hambledon Mining

07 november 2012, 14:21
0
Baurzhan Assaubayev. Photo courtesy of Fokus magazine
Baurzhan Assaubayev. Photo courtesy of Fokus magazine
Assaubayevs family company African Resources intends to buy 60 percent in Hambledon Mining, KazTAG reports citing proactiveinvestors.com.

Hambledon Mining has received an offer to sell 60 percent of its stock to African Resources that is affiliated with Assaubayevs family who own significant assets in Kazakhstan.

African Resources estimates 100 percent of Hambledon Mining at 19.6 million pounds. The price of the offer is 2 pennies per a share.

African Resources already holds 9.02 percent in Hambledon. The company plans to use its experience at the local market to ensure further growth of Hambledon. African Resources also plans to keep Hambledon's listing at the London Stock Exchange.

Hambledon Mining was fined a year ago for failure of a waste bump at its main pit Sekissovskoye in Kazakhstan and ordered to to clean up the damage at its own expense. The company appealed the fines. Later it suspended its plans to expand the mine because of lack of funds.

“African Resources believes that Hambledon’s pits in Kazakhstan have attractive growth opportunities,” the message of Hambledon Mining states.

Hambledon CEO Tim Daffern and African Resources also discussed gold assets in Mauritania that could be profitable for Hambledon. Daffern noted that he will stay in the company if the offer is accepted.

“Purchase of 60 percent in Hambledon opens big opportunities for African Resources. Shareholders of African Resources are long-term investors in natural resources and metals. They have an experience in effective investments both in Central Asia and other markets,” representative of African Resources said.

Hambledon Mining has been working in Kazakhstan for 15 years. The company is currently developing Sekissovskoye gold mine. Its reserves are estimated at 1.8 million ounces, but can possibly reach as much as 2.5 million ounces.

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