jean-raymond boulle to take control of bondi

Source: http://www.theaustralian.com.au/business/opinion/jean-raymond-boulle-to-take-control-of-bondi-mining/story-e6frg9ex-1226124551863

Jean-Raymond Boulle to take control of Bondi Mining
Author: Robin Bromby
From: The Australian August 29, 2011 2:31PM

A HIGH profile African mining entrepreneur is about to take effective control of a local junior and turn it into a mineral sands play.
This comes against a background of soaring zircon prices ? and the Madagascar project being backed into Bondi Mining (BOM) is rich in that metal.

Mauritian-born Jean-Raymond Boulle, probably best known for discovering the Voisey?s Bay nickel deposit in Labrador and whose companies mine nickel-cobalt in Canada, copper-gold in DR Congo and titanium metals in Sierra Leone, will end up with a personal holding of 25 per cent of the reconstructed Bondi, while his private company will own 86 per cent of the Brisbane-based junior.

Bondi and Mr Boulle?s World Titanium Resources will merge through a scheme of arrangement. Bondi?s shares, which last traded at 7.5c before suspension, will be consolidated from 120.4 million to 30.1m, and World Titanium ? of which Mr Boulle holds 30 per cent ? will be issued 257m shares, with a local raising adding a further 11.1m shares.

Bondi?s non-African assets ? uranium exploration in the Northern Territory and Queensland, copper-gold in Tasmania ? will be spun off into a new listed company. The uranium projects are joint ventures with the government-owned Japan Oil, Gas and Metals Corp.

Bondi?s copper prospects in Namibia will remain in the reconstructed company.

But the main focus will be the Ranobe deposit in Madagascar at which there are plans to produce 400,000 tonnes a year of ilmenite and 43,000 tonnes of rutile-zircon concentrate. Mining costs are expected to be low due to an absence of overburden and low slimes content.

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