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TIDBITS OF INFO- AFRICAfor OCTOBER 30, 1930 THE MINING JOURNAL
AMERICAN METAL ACQUIRES STOCK IN AFRICAN MINES
Expansion of the holdings of American Metal Company, Ltd., in Africa, has been revealed, with the announcement that the company has acquired additional shares in two companies interested in the development of copper mines in that country. Purchase of the shares, is to be accomplished through the issuance of stock of the American Metal Company, to the Canadian Selection Company, Ltd., present holder of the shares. The company already has an interest in the Roan Antelope Mines, Rhodesian Selection Trust, B’Wana M’Kubwa Copper Mining Company, Ltd., and other copper companies operating in Africa.
The American Metal Company is to receive from the Canadian company, 800,000 ordinary shares of the Roan Antelope Copper. Mines, Ltd., and 1,000,000 ordinary shares of the Rhodesian Selection Trust, Ltd., in exchange for 350,000 shares of the American Metal Company common stock, and $1,000,000 in cash. The stock, to be delivered to the Canadian Selection Company, is not to receive dividends until December 1, 1932. Application is to be made to the New York Stock Exchange, for the listing of the new shares on that date.
The Rhodesian Selection Trust, Ltd., has a two-thirds interest in the N’Kana Mines, in southeast Africa, and the Roan Antelope Company has acreage in the Mufilera, and other mines, in Rhodesia. The Roan Antelope Company’s properties have proven 75,000,000 tons of 3.3 percent copper ore, and it is estimated that it will be in production late in 1932. The extent of the company’s copper resources has not as yet been delimited, but it is thought that the mines will produce upward of 200,000,000 pounds of copper annually by 1934 or 1935.
The company has an authorized capitalization of 6,000,000 ordinary shares of the par value of 5 shillings and 1,500,000 shares of 7 per cent debenture stock. A. Chester Beatty, mining engineer and chairman of the boards of directors of the Roan Antelope, and Rhodesian companies, is to be on the board of the American Metal Company.
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