Friday, December 23, 2011

Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – December 23, 2011 – African Compass International Limited (“ACI” or the “Company”), today announced it was in preliminary talks with a UK based Financial House for raising funds for its Zimbabwe tungsten mining project located in Garahanga, Karoi. ACI is seeking to raise a total of USD4.3 million via a private placement or the Financial House secures a JV partner for ACI’s tungsten mine operation. The USD4.3 million includes USD300,000 for proper prospecting and sampling and USD4 million for mining.

The Financial House Representative, suggested a different funding route to ACI’s initial request whereby the Financial House raises funding for sampling for ACI through ACI’s project underwriter, Trust Holdings Limited (THL), Zimbabwe by performing an IPO for THL. Awaiting further developments.

The Financial House structure which both companies will need to give further consideration includes:

  • The Financial House will engage THL for an IPO to list on the NYSE or LSE.
  • The Financial House includes ACI as one of the opportunities they are raising funds to invest in.
  • The Financial House performs the IPO for THL.
  • THL invests funds raised from the IPO for ACI into ACI.

ACI will work to comply on its tungsten project with The Equator Principles based on the IFC performance standards on social and environmental sustainability, and on the WBG Environmental, Health and Safety General guidelines. The company also plans to get certified in international standards for its operations such as ISO 14001 (Environmental Management), 9001 (Quality Management Systems), OHSAS (Occupational Health and Safety Management System) as well as 26000 (Social Responsibility).

About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.

About THL
Trust Holdings Limited (“THL”) is a Zimbabwe financial holding company involved primarily in finance, leasing, insurance and banking. THL is listed on the Zimbabwe Stock Exchange (ZSE).

Supporting Resources: please visit; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.

For and on behalf of the Company’s Board of Directors

Julian RUPARE, Jr.

CEO & Chair


The following are the main terms and abbreviations used in this webnews:

ACI               African Compass International Limited and/or its subsidiaries, as appropriate

CEO              Chief Executive Officer

CLO              Chief Legal Officer

Company     African Compass International or African Compass International Limited

COO             Chief Operating Officer

IFC               International Financial Corporation

IPO               Initial Public Offering

ISO               International Organization for Standardization

JV                 Joint Venture

LSE              London Stock Exchange

NYSE           New York Stock Exchange

OHSAS      Occupational Health and Safety Management System

THL             Trust Holdings Limited

WBG           World Bank Group

UK               United Kingdom

USD             United States of America Dollars

ZSE               Zimbabwe Stock Exchange

– ends –

African Compass International

Johannesburg | Harare | Vienna | Tokyo

Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO)

Leave a Reply

Your email address will not be published. Required fields are marked *