Exciting times ahead for the supportive shareholders of URA Holdings
“…a huge significant additional resource that is classified as JORC exploration target, that is between 166 to 344 million carats, is still in this deposit…”
There are so many very good anecdotes about the mining industry in South Africa which is not surprising as fortunes have been made and lost since the sector began in earnest in the 1850’s.
First copper, then diamonds followed by the discovery of gold in the 1870’s.
One hundred and fifty years later main market UK-listed URA Holdings Plc is mining for emeralds, which according to fashionistas and luxury goods makers, is the new girl’s best friend.
Chief executive Dr Bernard Olivier talks about the anecdotes and fondness expressed for the company’s Gravelotte Emerald mine that URA is aiming to restart and possibly as soon as nine months from now.
Gravelotte has form and excitement. It was the world’s biggest emerald mining operation in the 1960’s and 70’s ceasing production in 2002.
“During that period, the Gravelotte Mine produced some of the best colours in emeralds in the industry,” says Olivier. “It has got a very good name still with people who remember it from its operational days, and it produced about 113 million carats during that 70 years of operation.”
The board is convinced there are decades left in the deposit in the Limpopo Province. Resource estimations published last year have determined 29 million carats still in JORC compliant resource. The surprise though says Olivier was “a huge significant additional resource that is classified as JORC exploration target, that is between 166 to 344 million carats, is still in this deposit.”
Olivier is leading the exploration of the deposit and is surrounded by a results-driven team and one that can raise capital with significant board participation in placements that “are at a slightly higher share price than the previous placement. We make sure that for example, and again, it’s to the full credit of our shareholders that are supporting us, we almost always do it at the market price.”
In this interview with Sarah Lowther, Bernard talks about the logic of using the Chinese producer Angelon Electronics Co Ltd for critical infrastructure and potential timelines to production.
.
Read the company’s corporate presentation
.
Access the company’s annual report
Follow the company on X @ura_plc
The author was remunerated but does not hold shares in the company
