$75 million Mining Indaba fund to empower junior miners
Posted By Phila Mzamo on January 19, 2017 in Mining Indaba, News
Junior opencast mining companies are set to benefit from a newly launched $75 million fund, sponsored as a joint venture between a boutique corporate finance firm Jaltech and JSE-listed Stefanutti Stocks.
The fund, called JSS Empowerment Mining Fund, has joined the Chamber of Mines, and the Department of Mineral Resources, to sign on as a sponsor of the new Junior Miners Pavilion including the Investing in Mining Indaba’s Investment Battlefield Competition.
This year, Mining Indaba has devoted more of its resources to ensure that investment remains the focus of the event.
The sponsorship is a perfect fit for the Mining Indaba, said Alex Grose, MD, Mining Indaba. “We have always focused on connecting mining companies with government and the investment community – this includes identifying and supporting the best junior mining companies.”
The Investment Battlefield Competition will give junior mining companies the opportunity to pitch their projects to a panel of expert investors, competing for a number of prizes that will support the development of new projects. Involvement and support from the JSS Empowerment Mining Fund will take this platform to the next level.
“We believe that junior mines that are viable now will be very profitable when commodity price levels improve in the future,” explains Gaurav Nair, Executive Director, JSS Empowerment Mining Fund.
“Supporting junior mining companies will directly benefit investors and stimulate growth in the South African economy, and the tax benefits for investors can be quite substantial.”
All investors are able to claim 100% of their investment as a deduction from taxable income in the year of investment. Corporate investors are able to claim 70% of the investment as BBBEE qualifying spend on their score cards every year, for as long as they are invested in the Fund.
The first nine participants announced in the completion are Australian Vanadium, Bannerman Resources, Consolidated Nickel Mines, Energizer Resources, Georesources Exploration, IPC Coal, Kore Potash, Mustang Resources, and Premier African Minerals.
http://www.miningne.ws/2017/01/19/75-million-mining-indaba-fund-to-empower-junior-miners/?platform=hootsuite#
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