NAIROBI, Kenya, Jan. 13 /CNW/ - The Board of Directors of Kenya Fluorspar
Company Ltd. ("Kenya Fluorspar" or "the Company") has announced that on
December 31, 2008 Firebird Global Master Fund II, Ltd. ("Firebird") made a
significant minority investment in the Company. The proceeds of this
investment will be used to enhance the prospects and profile of the Kerio
Valley mining operation.
Firebird is managed by FG2 Advisors, LLC, a member of the US-based
Firebird investment management group that focuses on investments in global
emerging markets and particularly in mining and natural resources.
In a statement, Kenya Fluorspar Chairman, Mr. Charles Field-Marsham,
said: "This strategic investment by an expert in global mining attests to the
success of the efforts of Kenya Fluorspar and its employees to continually
improve the operations of the mine. This investment will provide the capital
and expertise necessary to continue these improvement efforts and represents
an important example of the attractiveness of Kenya as a destination for
The statement added that the investment by Firebird will offer many
opportunities for Kenya Fluorspar, including:
- Extension of the economic life of the mine by funding a drilling
- Increased job security and opportunities for employees;
- Community access to improved and upgraded facilities; and
- Improved efficiencies and profitability resulting in more
investment, employment and tax revenue for Kenya.
The Company also announced the planned creation of an Employee Share
Ownership Programme, which will allow its employees to become partial owners
of Kenya Fluorspar.
James Passin, the Manager of Firebird, stated: "We are delighted to make
the investment into Kenya Fluorspar. We have a positive view of the investment
climate in Kenya."
For further information:
For further information: John McHaffie, Office: +254 (20) 712 2464,
Mobile: +254 (734) 707 935