Union Atlantic Minerals places brownfield projects on care and maintenance
JSE-listed Union Atlantic Minerals (UAM), previously known as Miranda Minerals, will place its brownfield exploration projects on care and maintenance, with minimum staff and fieldwork to be pursued until the Covid-19 pandemic has been ameliorated and the prospects for junior mining and exploration companies, as well as global commodity prices, improve.
The company confirmed on May 6 that no staff or consultants were active in the field on company projects and that, as a consequence, there was “no operational risk of Covid-19 for company staff or consultants”.
Regarding the company’s interest in two projects in the Northern Cape (Royzenbosch and Renosterkop), both projects require further limited geological fieldwork and metallurgical test work to advance and add value by updating and compiling competent persons reports and project valuations.
One of the objectives of UAM’s management in the medium term is to acquire a cash-generative project or business to supplement the two brownfield exploration projects in the portfolio and to source a cornerstone financier and shareholder to introduce cash and/or cash-generative projects to the company.
While the company’s strategy – articulated in its Integrated Report 2018 – remains intact, UAM said its management would consider “all viable strategies which would be value accretive and beneficial to shareholders in the long term”.
Meanwhile, UAM acknowledged that negotiations were still in progress with parties in relation to a potential strategic transaction which, if successfully concluded, may have a material effect on the price of the company’s securities.
While the market and operating conditions in the coming year are expected to remain challenging, owing to changing sentiment and policies and the negative economic environment as a result of the Covid-19 pandemic and subsequent lockdowns, UAM remains confident that it will be able to deliver on its strategy.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















