Epangelo committed to its mandate
Epangelo Mining remains committed to fulfilling the mandate that it was created for. This is despite the fact that government's mining house has not received significant funding from government to carry out its activities.
The miner this week laid its books bare for the first time ever, presenting its unaudited statements for its financial year ended 31 March 2014.
Its income statement showed a total net comprehensible loss of N$9.8 million. “The financial results for the year 2013/14 indicate that the company was able to meet its operational requirements, however the company has still not been capitalised, save for operational funding by government,” said MD Eliphas Hawala.
According to Hawala, Epangelo was actively enticing developers to partner with it for prospective projects. “We have been pursuing a stance that encourages investors to take Epangelo as the local strategic equity partner.”
He also implored government to formalise its local participation policy which applies what the conditions for local and foreign investors for minerals.
“We believe government should complement our stance by clearly spelling out a local participation policy which applies specific policies for local and foreign investment and incentives in the mineral industry. Such a policy should include identification of certain minerals to be declared and how such minerals should be treated,” said Hawala.
Epangelo's chairperson, acting Air Namibia MD Ellaine Samson voiced Epangelo's intention to serve the purpose it was created for. “Epangelo has acquired 37 licenses to date. The plan is to conduct exploration work with our strategic partners on these licenses in order to develop them into ore reserves, up to stages where they can be mined for their minerals, thus keeping us in line with our mandate,” she said.
Epangelo acquired a 10% stake in Swakop Uranium, owners of the Husab mine, and are engaged in a range of exploratory work which include strategic partnerships to Vedanta Resources where it has prospected for zinc north of Grootfontein while it has been offered a 10% stake in Reptile Uranium's Shiyela project which is the second biggest iron ore discovery locally after Lodestone. It also owns a 10% stake in the water-drenched Kombat mine following a formal approach by Manila Investment Group.
OGONE TLHAGE
The miner this week laid its books bare for the first time ever, presenting its unaudited statements for its financial year ended 31 March 2014.
Its income statement showed a total net comprehensible loss of N$9.8 million. “The financial results for the year 2013/14 indicate that the company was able to meet its operational requirements, however the company has still not been capitalised, save for operational funding by government,” said MD Eliphas Hawala.
According to Hawala, Epangelo was actively enticing developers to partner with it for prospective projects. “We have been pursuing a stance that encourages investors to take Epangelo as the local strategic equity partner.”
He also implored government to formalise its local participation policy which applies what the conditions for local and foreign investors for minerals.
“We believe government should complement our stance by clearly spelling out a local participation policy which applies specific policies for local and foreign investment and incentives in the mineral industry. Such a policy should include identification of certain minerals to be declared and how such minerals should be treated,” said Hawala.
Epangelo's chairperson, acting Air Namibia MD Ellaine Samson voiced Epangelo's intention to serve the purpose it was created for. “Epangelo has acquired 37 licenses to date. The plan is to conduct exploration work with our strategic partners on these licenses in order to develop them into ore reserves, up to stages where they can be mined for their minerals, thus keeping us in line with our mandate,” she said.
Epangelo acquired a 10% stake in Swakop Uranium, owners of the Husab mine, and are engaged in a range of exploratory work which include strategic partnerships to Vedanta Resources where it has prospected for zinc north of Grootfontein while it has been offered a 10% stake in Reptile Uranium's Shiyela project which is the second biggest iron ore discovery locally after Lodestone. It also owns a 10% stake in the water-drenched Kombat mine following a formal approach by Manila Investment Group.
OGONE TLHAGE
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