During the months of June and July 2007 Mark Smyth signed off on behalf of Zebra Copper, five separate contracts that transferred the ownership of seven of the nine exploration blocks to Zebra Copper. Zebra has on issue 26,700,000 shares and 26,200,000 shares at a value of 10p each changed hands for those seven blocks. On top of that, three of the contracts involved an additional cash payment which totalled roughly $8 million. If you add the value of the shares to the cash you end up with around $12 million. The other two blocks being the smaller Bentiabe and Benguela SW which may account for the other 500,000 shares.
In December 2007 CVI announced the formation of Fortitude Minerals which would be the vehicle holding all nine exploration licenses. At that timeFortitude had 51,700,000 shares on issue at a value of USD1.39 each, which valued Fortitude at USD71.8 million or roughly $100 million. CVI is gradually acquiringFortitude Minerals but is in effect paying around eight times the value that Zebra paid for the blocks.
How did the value of these blocks go up around 800% in the space of 5 months?
Fortitude Minerals is the major shareholder (96%) of Zebra Copper. How did Fortitude acquire Zebra Copper? Was it gifted as there is no contract showing transfer.
View contracts under "Contracts and Licenses" below.
ANGOLA
Flow Charts [click to enlarge]
Anton Von Tarkanyi and Canzar Resources
Cachoeiras de Binga Licence Area
Ucua and Longonjo Licence Areas
Longonjo Diamonds & Chipindo Licence Areas
Benguela & Zenza/Donda Licence Areas
Thanks to 123enen for some of the following documents
Google Earth view of concessions You will need to have Google Earth installed on your computer for this to work. Once opened, untick the "Overlays" in the left hand column listed under "Temporary Places" to view the concessions.
Although there were three organizations claiming ownership or part -ownership over Matanda PH-72, it is clear that Glencore Exploration and Afex Global were awarded the exploration rights.
Cityview knew as early as September 2007 that they were unsuccessful. Both Cityview and Turnberry Resources have never made any official claim that they had won the exploration rights to Matanda.
The following companies were involved in the selection process.
1. AFEX Global 2. Chevron 3. CNPC International Limited 4. EOSYS 5. Esso Exploration International Ltd 6. EurOil Limited 7. Glencore 8. Marathon Oil Company 9. RSM Production Corporation 10. Turnberry Resources
Cityview have always claimed to have had a 40% (39.9%) interest in Matanda PH-72 via Turnberry Resources. However, Turnberry Resources had their permit cancelled in January 2007 by the Cameroon government.
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September 2007 Glencore Exploration and Afex Global awarded Matanda PH-72 according to this article and in part here.
Mini bid round award goes to two newcomers - Cameroon
Included as part of the mini bid round launched by SNH in April 2007, the 1,187 sq km PH-72 (Matanda) block has been awarded to Glencore Exploration and Afex Global.
April 2008 Glencore, Afex sign exploration deal with Cameroon.
Swiss-based Glencore and Afex Global Limited signed a deal with Cameroon's state oil company on Thursday to explore for oil in the Matanda block of the central African country's in the Douala-Kribi/Campo basin. State-owned National Hydrocarbons Company (SNH) Press Release.
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The third organization is Newport Mining PLC. They claimed on a website to have Matanda PH-72 as an asset. As soon as this website became public knowledge the asset page and others were password locked. Mark Smyth CEO of Cityview claimed not to know anything about it although Ian Egan was a director of Newport Gold PLC and Cityview.
