Business
Acquisition and option over Uranium concentrates
Acquisition and option over Uranium concentrates.
About this update from Emmerson Plc
[{"type":"text","content":"\n \nFor immediate release: 12 November 2010\n\n Emerging Metals Limited \n\n (\"EML\", \"Emerging Metals\" or \"the Company\") \n\n Acquisition and option over Uranium concentrates \n\nEmerging Metals Limited (AIM: EML), the mining company focused on minor and\nemerging metals, is pleased to announce that it has contracted for the physical\ndelivery of 25,000lbs triuranium octocide (\"U3O8\") and has entered into an\noption agreement for the physical delivery of a further 200,000lbs U3O8.\n\nThe contracts are in line with the Company's investing policy approved by\nshareholders at its meeting of shareholders on 16 April 2010 which encompasses\nexposure to Investment Metals including but not limited to the acquisition of\nphysical quantities of Investment Metals commodities.\n\nThe physical delivery contract is priced at US$58.00 for each and every pound\nof U3O8 delivered and is in respect of 25,000lbs U3O8. Delivery to a conversion\nfacility in Canada is due on 17 January 2011 with cash payment (equivalent to £\n898,723 at £/$ 1.6134) by no later than 18 January 2011.\n\nThe option contract is in respect of 200,000lbs U3O8 for physical delivery by\nbook transfer at a designated facility and expires on 31 January 2011. An\noption premium of US$500,000 (equivalent to £309,905 at £/$ 1.6134) is payable\non 17 November 2010 and the additional option strike price is US$59.00 per\npound U3O8, or a total US$11,800,000 (equivalent to £7,313,747 at £/$ 1.6134).\n\nStephen Dattels, Emerging Metals Co Chairman commented:\n\n\"Uranium pricing prospects remain strong. The ability for the Company to invest\nin physical quantities of investment metals as well as mining projects gives us\nthe flexibility to capitalise on shorter term pricing movements with the\nobjective of generating meaningful returns to shareholders. Whilst cash\navailable for investments remains strong, we are confident this first physical\ncommodity investment will rapidly demonstrate the value of our broader\ninvesting policy to shareholders.\"\n\n -- Ends -- \n\nContact details\n\n Emerging Metals Religare Capital Fox-Davies Capital GTH \n Limited Markets Limited \n Communications \n \nDenham Eke Peter Daniel Fox-Davies Toby Hall \n Trevelyan-Clark \n Christian Pickel \n Emily Staples \n \n+44 (0) 1624 639396 +44 (0) 20 7444 +44 (0) 20 7936 +44 (0) 20 3103 \n 080...