Vimetco is granted exploration licenses in Ghana through its subsidiary Vimetco Ghana (Bauxite)

Thu, 03/17/2011 - 10:30

Amsterdam, 17 March 2011 – Vimetco NV (LSE: VICO) (the "Company"), the global vertically integrated producer of primary and processed aluminium products, today announces that on March 14, 2011, its subsidiary Vimetco Ghana (Bauxite) Ltd. was granted several licenses to prospect for bauxite in Ghana.

“We are excited to continue exploratory works and develop our activities in Ghana”, says Frank Mueller, CEO of Vimetco. “This comes as a further step in our strategy to develop Vimetco and its involvement in establishing a major, vertically integrated industrial complex to produce alumina and aluminum in Africa”.

The License Agreements give exclusive rights to prospect for bauxite to Vimetco’s subsidiary at Kibi and Nyianhin deposits (a total area of 468.66 sq km).  Based upon the due diligence on this site from 2008 until today, under the Permits granted by authorities of Ghana, Vimetco carried out geological due diligence at the above deposits. The Company anticipates further activities to be promising and expects to confirm quite significant bauxite reserves. The quantity and quality of reserves targeted by exploration works under the licenses will remain subject to confirmation by prospecting works which are expected to commence as soon as possible.

Vimetco will carry out prospecting works in accordance with high international environmental protection standards. The exploration activity based on the License Agreements is a part of a wider plan contemplated by the Company, which shall ultimately include construction of alumina industrial facilities in Ghana to fully meet the needs of Vimetco aluminum division in China and Ghana, as well as to produce aluminum and electricity. The implementation of this plan will depend on the results of the feasibility studies and of the economic viability of the project to be assessed by the Company at a later stage with due consideration of previously finalized technical and economic assessment.

”The Government of Ghana manifested a real interest in supporting such plans, as a part of its program to increase the revenues of the budget through the taxes generated by the newly establishing mining and industrial facilities, to create more jobs”, adds Mueller.

The exploration program is also expected to have a positive impact at local level, improving the lives of the local communities.

The project will also assist, develop and upgrade the local education and medical care. Moreover, it will help develop the local infrastructure within the Regions.

For further information please contact:

Florenta Ghita
Premium Communication
Bucharest   
Phone +40 (0)21 411 01 52
e-mail : florenta.ghita@premiumpr.ro

About Vimetco
Vimetco N.V. is a global, vertically integrated producer of primary and processed aluminium products with major production assets in Romania, Sierra Leone and China, and a holding company in The Netherlands. Vimetco N.V. controls an aluminium production capacity of 1.1 million tonnes pa. Vimetco N.V.’s shares are listed on the London Stock Exchange (LSE: VICO). www.vimetco.com