Diplomacy time at de Crespigny's Greenwich

THE worst kept secret in town has finally been confirmed with Robert Champion de Crespigny's Buka Minerals tying up a merger with Danae Resources and London-based Greenwich Resources to create a "London-based resource and resource finance business".

Michael Quinn
Diplomacy time at de Crespigny's Greenwich

While details of the merger clogged the 22-page announcement, specific project details for the new de Crespigny-chaired company – to be known as Greenwich – were non-existent.

What is known is that Danae has been unsuccessfully seeking the establishment of a 50-50 joint venture with two Uzbek State-owned parties covering the Zarmitan gold project. Zarmitan is understood to contain around 10 million ounces in dirt grading 10gpt – non-JORC.

Danae also holds the Vostok copper project in southern Kazakhstan, estimated during the Soviet era to contain somewhere in the order of 500 million tonnes of mineralisation, most of which grades around 0.6% copper.

In addition it held a 33.1% stake in Greenwich, which is listed on London’s main board and which has been predominantly focused on developing its 100%-held Sappes gold-copper project in north-eastern Greece.

Danae claims Sappes is “one of the highest-grade shallow, underground orebodies in the world today”. Sappes has JORC reserves of 1.06 million tonnes grading 17gpt gold and 0.27% copper.

However as with Zarmitan, non-technical issues appear to be holding up progress at the project.

Meantime Buka has a majority interest in a new company aiming to continue mining the Gympie gold operation in Queensland; 18% of prospective copper miner CopperCo; a minor stake in mineral sands powerhouse Iluka, and; a 25% stake in the Lady Loretta project.

As with Greenwich and Sappes, Buka is very happy with Lady Loretta, describing it as “probably the most attractive greenfields zinc project in the world today”

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.


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