Will Shareholders of Contango Holdings have a Golden Christmas?
“…We listed Contango Holdings with one purpose, to get assets in production as cheaply and as quickly as possible…”
Contango Holdings PLC (LON:CGO) shares resumed trading in June of this year after it completed the reverse takeover of a 70% interest in the Lubu coal project in Zimbabwe.
The London listed natural resource development company which floated as a cash shell back in 2017, last year began advancing funds for ongoing development and project work and has now acquired the Coal project for a approximate valuation of £6.4mln, with the remaining 30% stake held by “supportive local partners”.
Is Contango just a Coal company then? No far from it. The Contango management Team have enjoyed a recent constructive trip to Mali which included a signing ceremony in Bamako with respect to the recent acquisition of the Garalo Gold Project announced on 19 October this year.
This was the earliest opportunity for the ceremonial signing following the acquisition, given the global restrictions surrounding travel as a result of the COVID-19 pandemic. The event also provided an opportunity to meet with Contango’s in-country geologists, as well as third-party independent consultants, who are currently reviewing all the historic data from the Garalo ahead of issuing an Independent Technical Report on the asset later this month. “…Things are looking very encouraging here now, and we will update the market shortly…” explains Carl Esprey, CEO Of Contango Holdings in the interview.
Here, Carl catches up with Doc Holiday to expand further. After beginning his career at Deloitte in Johannesburg in 2001, Mr Esprey joined BHP Billiton in 2004 as an analyst focussed on mergers and acquisitions. After four years at BHP Billiton, Carl used his expertise in the resource industry to move into equity investment and joined GLG Partners in London in 2008, where he focussed on natural resources investments.
With an abundance of news due and the Company looking to enter into an exciting period operationally for both Gold and Coal projects, at around 7p this company looks set for a very exciting 2021.
To find out a little more about Contango Holdings click here to view their latest company presentation
The author was not remunerated for this article but may hold shares in the above named company.