British Virgin Islands-incorporated company Emerging Metals Limited, engaged in the industry of minor metals and rare earth elements, announced that the agreement by Ferrum Resources Limited, which is its 37.23 per cent associate and a private company established in 2010 in the BVI, to subscribe for new shares in CMC Guernsey Limited, constituting 63.53 per cent of its issued shares for a cash consideration of US$13.5 million, has completed.
After regulatory approval of Cameroon, approving the transfer of shares to CMC Guernsey, has been received, CMC Guernsey owns six iron ore licenses in Cameroon, through a 95 percent owned subsidiary. These licences comprise six permits for the exclusive rights to explore for iron ore and related substances. The licences were granted in September-October 2010, and are valid for three years.
By words of Stephen Dattels, Co Chairman of Emerging Metals, “The investment by Ferrum in CMC Guernsey is a very positive development for the Company and Ferrum.”
