AIM-listed minerals concern Obtala Resources has acquired Sierra Leone Hard Rock (SHLR) from African Minerals for up to £4.3 million in an all-share deal.
AIM-listed minerals concern Obtala Resources has acquired Sierra Leone Hard Rock (SHLR) from African Minerals for up to £4.3 million in an all-share deal.
SHLR holds four diamond mining licences in the Konoma Project, Sierra Leone. In the six months to June 2009, SHLR generated revenue of $380,000 (£234,000) and pre-tax losses of $3.3 million.
Frank Scolaro, chairman of Obtala, said that the company intends to recommence mining operations with immediate effect and it believes that low cost mining activities in West Africa can achieve a sustainable and profitable operation.
In six months ending June 2009, Obtala reported pre-tax profits of £1.3 million.
