(Ecofin Agency) - Mining firm Bushveld Minerals signed a deal, via its Greenhills Resources subsidiary, to acquire a 49% stake in Dawnmin Africa Investments, which owns 85% of the Uis tin mine, in Namibia.

Under the agreement, Greenghills is to conduct due diligence on the project. If conclusive, the firm will acquire the 49% interest for about 41 million ordinary shares of Bushveld Minerals. The acquisition is however subject to regulatory approvals and to the negotiation for final agreement, including share purchase agreement.

The Uis project which is situated in the Erongo region includes three mining permits namely, ML 134, ML 129 and ML 133. The ML 134 permit alone holds 70.3 million tons of resources grading 0.14% tin, thus 90,000 tons.

Louis-Nino Kansoun