african minerals appears to be upping its stake - possible takeover / offer?

Yeh..see what you mean..it's fallen back already

Sector: Mining
Price: 11.8p
Market cap: 19m
Forecast net cash (m) 2.1
Forecast gearing ratio (%) N/A
Market AIM
Share price graph (p)
Company description
Baobab Resources is focused on
developing its Tete
iron-vanadium-titanium open-pit project
in central-western Mozambique. A
pre-feasibility study is expected in mid
2011.
Price performance
% 1m 3m 12m
Actual 6.8 34.3 84.3
Relative* 7.7 26.3 66.6
* % Relative to local index
Analyst
Charles Gibson
Baobab Resources (BAO)
INVESTMENT SUMMARY
Baobab's focus is the Tete Fe-Vn-Ti project close to Cahora Bassa in Mozambique. The
companys currently declared JORC resource is 47.7Mt at 25.3% Fe, which we estimate
should rise to c 340Mt at 27.3% in due course. Baobab does not intend to develop its mine
alone and is looking to take on a partner before completing a BFS. Its announcement of a 5m
equity facility leaves it funded until c FY14. Recent initiatives include negotiating a boundary
change to give it access to an area (never previously explored) showing both prominent
magnetite ridges and lower Karoo (ie coal) sediments. A recent joint venture makes it the
operator on ground that was previously very well explored indicating massive magnetite
mineralisation with no associated deleterious elements.
INDUSTRY OUTLOOK
Baobab has an EV equivalent to c US$2/t JORC iron (cf an industry average of US$3.53/t).
Pro-rata the higher resource estimate implies a share price of c 65p (49p after dilution), rising
to over 1 at the industry average rating.
Y/E Jun Revenue EBITDA PBT EPS P/E P/CF
(m) (m) (m) (p) (x) (x)
2009A 0.3 (1.5) (1.6) (1.9) N/A N/A
2010A 0.0 (2.0) (2.0) (1.4) N/A N/A
2011E 0.0 (2.1) (2.1) (1.3) N/A N/A
2012E N/A N/A N/A N/A N/A N/A
36 2

Thanks Blanch....not sure what it all means though!.......are we looking at an SP of 1 in a few years time?

back up to the 12p level..this can only get better from here! (imho) Lots of good news to come thru 2011

Looks to be breaking through the 13p level at last!....onwards and upwards!

my younger son liked these and bought at about 8p - too many imo - so i let him persuade me to buy in too a few days ago, albeit that i average about 13.5 .... mind you, he owes me at least a couple of pints as i got him into XEL!

Been holding for ages now.....one by one these aim stocks are taking turns for a rapid rise..now it's BAO turn.....ANR could be one of the next ones....

This rise is long overdue should 20p in my book. also hold anr rise they sooooon.

just got a few on a free ride!! clever me. if it looks like heading for 20p might buy a few more.,. hello!
p.s. What a good finish to 2010 and a good start to 2011.,.

20p coming !!

i believe there are some announcements (progress reports?) due during january

Yep, could be this week.

No2 Son has earned a big hug for persuading me into these ..... certainly a lot of upward momentum, so fingers x'ed that it's not just wind

At long last some of my tiddlers are booming....great stuff.....

Looking good.. it's done nicely this week....more of the same fpr next week pleeeeaze!

Super..Dooper.....wonderful.....

also topped up my freebies today.,.

good rns today saw initial jump in sp though it seems to have come back a smidge, presumably on "selling on the news" ..... it would be nice to think further upside imminent

Fantastic news today!!! Buy Buy Buy!! if you can. 8-)

Peeps gonna sit up and take notice now. W H O O S H !!!!! COMING