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Aminex PLC on Monday said it has raised £2.9 million to sustain operations until it receives the first gas revenue from its Ntorya prospect, which is expected next September. The Dublin-based mining firm operates in Tanzania. In the six months that ended June 30, its loss per share widened to $1.5 million from $1.4 million. The fundraise was through a placing of 177.3 million shares at 1.65 pence each. Aminex shares were down 7.9% at 1.77p on Monday morning in London, having risen 22% in the last 12 months. The firm explained: ‘Aminex has taken the strategic decision to seek funds at this stage to meet its forecasted running costs (before contingent liabilities) to receipt of revenues from Ntorya.’ This is instead of continuing to draw down a loan from Aminex’s largest shareholder Eclipse Investments LLC, Aminex added. As of Monday, it has drawn down $150 million of the loan. This will be combined with the $102,000 interest owed to Eclipse, and converted into about 72.1 million Aminex shares. This leaves Eclipse with a 27.43% stake in the company, up from its previous 27.34% position. Eclipse, alongside all participants in the placing, will receive one warrant for each new share held, where ‘new’ refers to Aminex shares after the placing and the conversion. Each warrant carries the right to subscribe for one new share at a price of 2.50p per share, exercisable for 24 months. ‘With the construction phase of the Ntorya development underway, this strategic placement and conversion of debt to equity by Eclipse, which increases its holding, now leaves the company debt-free and fully funded through to expected receipt of revenues next year,’ said Chair Charles Santos. He added that Aminex will provide ‘further updates on the progress on our important and exciting project in the coming weeks and months’. Aminex was contracted to build a gas pipeline between Ntorya and Madimba back in July. The firm plans to mobilise equipment to the area later this month, with groundwork and pipelaying scheduled to begin in January and end by July. First gas from Ntorya-2 is expected around one month after the pipeline is completed, ‘with revenues expected shortly after’. Ntorya is part of the Ruvuma production sharing agreement farm-out. Aminex noted that its farm-out carry ‘is still expected to cover its share of costs through to commercial production and beyond’. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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