Hana Mining Ltd, the developers of a copper- silver project in Ghanzi, this week listed on the Botswana Stock Exchange Foreign Venture Capital Board in a bid to shore-up its image and allow citizens to participate in the company.
The company’s common shares commenced trading on Wednesday on the BSE under the code HANA.
Hana Mining’s CEO, Marek Kreczmer, said by establishing a listing in Botswana, ‘we are aligning the goals of the company with the people of Botswana’.
“The listing of the company’s shares on the BSE is an important step in enhancing the relationship of the company with the government of Botswana in that it allows the people of Botswana to invest directly in the company and gives the company access to some of the largest investment funds in Africa,” Kreczmer said.
Hana Mining owns the Ghanzi property, which is one of Africa’s premier future copper-silver resources.
The Ghanzi Project is located in the center of the Kalahari Copper Belt in north-western Botswana.
The Ghanzi property covers 2,149 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 70 kilometres. This favourable geology extends over an estimated strike length of 600 kilometres.
Hana Mining recently released results of its most recent NI 43-101 compliant Preliminary Economic Assessment (PEA) for the Ghanzi Project.
The PEA details a 10,000 tonne per day open-pit mining and milling operation at the Banana Zone and Zone 5 at an initial capital expenditure of US$285.5 million.
“This operation is expected to produce approximately 66.4 million pounds of copper and 878,000 ounces of silver annually over a minimum 13-year mine life,” the company said.
The project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce.
A feasibility study was carried out (funded by the World Bank and the governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead to port is at Gobabis, in Namibia, approximately 550 km from our property.
Construction is well advanced on the 600MW expansion of the government-owned Morupule Power Plant, having secured US$825 million project funding in May 2009. The Ghanzi Copper- Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 15 km of the property.
The company’s shares will continue to trade on the TSX Venture Exchange under the symbol HMG and the Frankfurt Stock Exchange under the symbol 4LH.