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Aim-listed Premier African Minerals recently announced that Danakil potash venture co-producer, Circum Minerals, had exercised its exclusive option to acquire the complete paid share funds of former AgriMinco subsidiary, Mandalore Development from Premier, successfully consolidating its control of the Danakil venture, in Ethiopia.

Premier recently acquired Mandalore, which had 30 % of the Danakil project, from AgriMinco for a fee of C$ 4.3-million, and had allowed Circum the decision preference to, in turn, purchase Mandalore.

As an effect of Circum exercising the option, Premier was immediately paid $2.5-million net of whatever move made by the Stephen Dattels — established company, to at first permit Premier to acquire Mandalore.

Premier would also be issued two million new shares in Circum with a present value of $1.4-million, and the business would get a further $1-million on July 15, September 15, November 15 and January 15.

Premier CEO George Roach —… said that through this contract, Premier had successfully found substantial value from an discovery initiative in a financial industry environment that is simply not encouraging of ore prospecting. Premier is in an desirable position of not needing to address the capital sectors for typical operating and prospecting funding for the foreseeable future.

Miner and stock broker Glencore has shown interest in iron reserves in Guinea, a discussion obtained by Reuters reveals, while the corporation said it had not pitched for a share in Simandou, the nation’s biggest reserve.

Any prospective traders in Simandou are expressing caution, nonetheless.

Israeli-owned BSG Resources, which had been stripped of their license to construct part of Simandou following a Guinean fraud inquiry, is looking for settlement and has threatened to sue firms that purchase its former permit area.

Several sources close to the govt said United Kingdom-listed Glencore had indicated its desire for purchasing some of Simandou, in a meeting with govt authorities in Conakry in June.

A duplicate of a power point slideshow, which the sources stated a Glencore representative delivered at the meeting, includes a reference to Glencore owning the financial and industry capability to build big ventures in the region and «the determination to continue very swiftly along with the govt to the exploitation phase of iron ore projects».

A spokesperson for Glencore denied to state whether any slideshow was delivered to officials or to discuss the file received by Reuters. But he stated the company hadn’t produced any presentation indicating interest in the Simandou mine.

The presentation does state that Glencore would be well placed to cooperate with other companies that hold interests in Simandou, such as Vale and Rio Tinto and says that Glencore might push the competition to develop infrastructure in Guinea more quickly.