(ASX: MTA) is set to hit the boards of the ASX next Monday 29 October 2012 following a successful IPO, which was managed by CPS Securities, offering 15 million shares at A$0.20 to raise $3 million.
The company has established a foothold in Africa with its acquisition of Mauritius-based Rio Mazowe, which holds the mining rights to a tenement package located in the Tete Province in central west Mozambique.
The tenements make up the Rio Mazoe Base Metal Project, which is managed by Rio Mazowe?s 90% owned subsidiary Afriminas Minerais.
As part of the acquisition, plans to acquire the remaining 10% of the shareholding in Afriminas to give it 100% ownership of the Rio Mazoe Project.
The central western Tete province is developing into one of the world's major sources of coking coal, with significant mining investment being channelled into the region.
Mining heavyweight (ASX: RIO) last year handed over $4 billion to acquire Riversdale Mining and gain exposure to the region's coal endowment.
The project comprises eight exploration licences considered highly prospective for Broken Hill Type (BHT) mineralisation.
It has a geological and tectonic setting that is considered analogous to terrane where BHT base metal ore deposits have been discovered in other parts of the world.
Economic BHT deposits often comprise large tonnage world class ore bodies, including the type deposit at Broken Hill (Australia) and the well documented deposits at Cannington (Australia), Aggeneys-Gamsberg (South Africa) and Zinkgruvan (Sweden).
Two target areas already identified ? the Meque (Rio Mazoe Norte) and Cocodeza Prospects, both of which exhibit anomalous base metal values in the regolith.
In particular the Cocodeza Prospect has coincident multiple geophysical anomalies consistent with base metal mineralisation at depth and represents a priority drill ready target.
Experienced board
Gilbert George, non-executive chairman, has experience in coal, iron ore, gold, uranium, oil and heavy mineral sands. George has vast experience in international business development and management.
He is the current chairman of (ASX: MDX) and holds directorships in unlisted Bedley Holdings, Victorian Wave Partners, Ocean Power Technologies (Australasia) and Governor Holdings.
He was formerly a director of Tokyo Gas Australia and Tepco Australia ? Australian subsidiaries of two of the world?s largest utilities.
Richard Bevan, executive director, has experience as a managing director/chief executive officer and non-executive director for listed and unlisted companies.
His current directorships include managing director of (ASX: CZI) and non-executive director of (ASX: EPD).
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