Jun 9. 2010 - African-focussed industrial mineral miner, Gulf Resources has selected Rand Merchant Bank, a division of FirstRand Bank Limited to structure and arrange project financing for the company's East African Vermiculite Project in Uganda.
Tellingly, Rand will also advise regarding financing for other projects "under consideration by Gulf."
Gulf has capped off a banner six months, moving one of the world's premier vermiculite projects into production (formerly owned by Rio Tinto); signed an offtake agreement with Dupr Minerals for production and brought African Lion Fund on board as a 19.9% major shareholder. With a market valuation of around A$4 million, the current valuation appears light.
Chairman Scott Reid said, the mandating of Rand would "support us in the next exciting phase for the Company as a vermiculite producer targeting increased production levels at the East African Vermiculite Project."
