The posting below looks at some of Chen’s background. It establishes a very strong link between Chen and Zijin Minning. My conclusion is that Zijin Minning are the investors behind Abraham’s. and based on past transactions are unlikely to make a takeover bid.
This is important as in my next posts I will share why I believe that Lyon’s was correct in his statement about taking the company private.
This post looks to validates the connections between Chen & the old crew. It also highlights the risk that at some stage there will be transaction that eases the Tubatse assets to be passed to Zijin / NKWE
Looking at Chen in more detail.
We have been told he is VC & P of Hengxing Gold.
http://www.hxgoldholding.com/Home/index/show?cid=1&id=8
Chen is pictured in the middle. Click on the picture and you get a bit more background
5-year experience in mining business with a focus on acquisition, investment, project evaluation and corporate finance of mining companies
•Guided Zijin Mining’s acquisition of the world-class platinum project NKWE Platinum in South Africa
•Co-invested with Zijin Mining in gold exploration company Casa Mining in DR Congo, led equity financing and introduced several Asian investors, and served as Casa’s director
•Guided Hengxing Group’s acquisition of 90% equity stake in Jinchuan Mining from International Goldfields by 2009
•Guided Shanshan Group to establish a JV with Heron Resources (ASX: HRR) to commercialize Heron’s world-class lateritic nickel and cobalt resources
•Managed Vale S.A Australian company’s sale of its Kazakhstani copper mine to Chinese corporates
Assumed the role of M&A advisor for multiple Australian mining companies
Bottom up Vale & Heron are all interlinked.
The International Goldfields transaction is a link back to Tony Sage. David Tasker & Jane Flegg. This is important because the Tubatse asset owned by Zijin / NKWE platinum are still 10% owned by IOP. RRL have a 9% stake in IOP and could purchase IOP without shareholder approval and then sell the Tubatse assets as a non core asset to Zijin Mining without shareholder approval.
Then we have the 2 Zijin Mining Investments. Looking at Casa first. David Chen ended up as a Non Exec Director looking after the Zijin Investment. Note than Zijin made an initial investment to be followed by PRIVATE raising a few months later. I don’t believe that Chen advised us of this position.
http://www.casamining.com/comp-boardofdirectors.php
“Casa Mining Limited was formed in early 2009 with an initial focus solely on gold exploration and mining in the DRC, at which point it signed an earn-in agreement with Anvil Mining Ltd on the South Kivu Licences.
Since inception, CASA has carried out exploration for gold largely in the DRC. In December 2010, Zijin Mining Group Company Ltd, one of China’s largest producers of gold with a market capitalisation of US$26 billion participated in a funding exercise. In October 2012 and subsequently June 2013 further private raisings were completed to fund further exploration at Misisi.
EndFragment”
What is particularly interesting is that Chen appears to work very closely with Zijin Minning.
It may be just a coincidence but
Mr Chen (Jinge) is Chairman of Zijin Minning
Dr Chen (Dianmin) is a NED at NKWE Platinum a Zijin appointment 1st October 2014
I have yet to establish if there is a family link (father & sons judging by images) both Dianmin & David were educated at Australian Uni’s.
Abraham is MD at Zijin /NKWE
Cheng FU the registered director of Abraham Ltd is also the name of the VP at Zijin Mining.
Zijin investment accounts show a transaction for $12M at the same time as RRL notify investors that the monies have been received.
I suspect that the cover up of who is behind Abraham, is because Peter Lanadu was a director of both companies.
Statistics: Posted by omadawn — Mon Jan 05, 2015 11:10 am