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Tantalum alliance mooted

Article Date:  Jun 19 2002

Proposals for a merger of all the junior London-quoted exploration companies looking for tantalum are believed to be receiving serious attention, after the collapse in the tantalum price from $200 a lb to $25 a lb over the past 18 months, writes Robert Tyerman.

Tertiary Minerals (TYM), New Millennium Resources (NML), Angus & Ross (AGU), all on Aim, and Ofex-traded Central African Mining & Exploration (Camec) are all understood to feature in a scheme to form a merged group with the productive potential and financial clout to weather the current market blitz and resist further price cuts. The merger project is thought to have emanated unofficially from within broker Seymour Pierce, but no comment from the broker was forthcoming today.

These proposals are being advanced against the background of increasing production from world market leader, Aussie-quoted Sons of Gwalia. Some of the companies, such as Camec and Angus & Ross, have been talking informally about pooling projects and active investor Bruce Rowan plays a key role in some of them, but, financial considerations apart, there are strong egos needing to be reconciled before any such deal could become a reality.

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