Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944

African Metals Corp.

Interview with Nigel Ferguson, Chief Executive Officer
December 21, 2011

Price   $0.14¢
Price Range   44¢ - 12¢
Shares Outstanding   99,420,000
Book Value   $500,000
Cash   $1,000,000
Corporate Office   Vancouver, BC, Canada
Operation   Lumbashi DRC

Projected Initial 5 Year Cash Flow Summary

Copper Revenue  
Cobalt Revenue                 
Total Revenue     26.17   49.56   33.29   34.07   49.06
Operating Cash Costs   11.71   15.74   14.68   15.38   16.13
Royalties   0   0   0   0   0
Cash Before Tax   14.47   33.83   18.62   18.69   32.93
Tax (Effective 29%)   4.31   5.65   3.33   3.41   4.91
Cash After Tax   10.16   26.18   15.29   15.28   28.02
CAPEX   5.50   0   0   0   0
Net Cash   4.66   28.18   15.29   15.28   28.02


Lumbashi is the former Elisabethville – capital of Katanga – the breakaway province of the Congo.  In 1961, war broke out between the Central Government of Patrice Lumumba and President Moise Tshombe of Katanga.

During the summer of 1961, Lumumba was murdered and Secretary General Dag Hammershold’s ( who was traveling to meet Tshombe ) airplane crashed in Ndola (Rhodesia).

The Big Issue Was Copper

On September 11, 1961 I landed in Elisabethville.  I obtained an interview with President Tshombe and Prime Minister Sir Roy Wallensky of the Rhodesian Federation.  I was 21 years old.


Andrew This is an interview with Nigel Ferguson, the President of African Metals Corp. Nigel, you are talking from a historical position, the Republic of Congo. Were you aware of the history or the importance of this issue when you first started to go there?

Nigel  I’ve been in and out of the country quite a few times over the last decade and we’ve obviously been aware of historical problems within the country associated with minerals, however, we considered that they were being slowly resolved and the country was becoming a much more stable place.

Andrew  Now why is it that there is so much history tied to the Congo, particularly Katanga and the Union Miniere. Not many companies succeed in extracting metals particularly Copper and Cobalt from that area. 

Nigel  There’s been a greater influx of companies in more recent years. The state has issued a lot of the licences and the number of producing companies is rising. I think the government has been growing investment cash to be able to get those projects into producing mines. With the freeing up of some of those better licences and the recognition that investment in the country is going to bring benefits, licences are being awarded or joint-ventured to suitable companies to be able to develop the assets. I think you’ll see more projects coming out of the Congo as they realize what development brings with development of these mining assets.

Andrew  Let’s just look at this picture. The Union Miniere was a certain part of the property of the Belgian King which they handed over, I think to The Third Reich in 1940, to save their country. And in 1961, Tshombe fed his whole country from the Copper production of the Katanga’s Copper. Now 50 years later what minerals are being extracted and which companies are doing it ?

Nigel   There has been obviously a huge interest in Copper and Cobalt that has been found in Zambian - Congo Copper Belt and which is very basically, an extension of the same geological area. There is also tin; there are very good tin deposits. There is also an incredible amount of gold projects coming through; the likes of Moto Gold Mines in the North and Banro Resources in the mid East. They are all expected to be pulling out very good ounces …. Mining big time!

Historical Overview – Work Completed

  • Luisha South Mine operated up until 1940’s 230,000t @ 10.1% Cu and 2% Co
  • AFR secured the rights to Luisha in January 2010
  • Completed 2,002m of RC drilling (June 2010)
  • Completed 1,539m of DD drilling (January 2011)
  • JORC / N143-101F Inferred Resource of 75,400t Cu and 23,200t Co based on RC Drilling of the pit area
  • JORC / N143-101F Inferred Resource increase to 161,700t Cu (up 114%) and 44,100t Co (up 90%).
  • Metallurgical test work shows positive gravity concentration of Luisha Oxide Ore
  • Positive results from test work on gravity processing with conventional sulphide flotation processing test work currently underway

Andrew  Now which are the companies who extract Copper from what you call the copper belt which extends into Zambia?

Nigel  The companies – well obviously there’s Tenge Fungurume, Katanga Mining, First Quantum are in there, also our neighbour Tiger Resources. BHP, Rio and Vale also have assets within the province. There a couple of Belgian companies or DRC Congolese companies that have developed projects. The Forrest Group obviously has been doing a great deal there. There are several others that are producing a large amount of copper in the copper belt of Katanga.

Andrew Is there a billion dollar company in the minerals in the copper belt?

Nigel  Oh yes. Of course – there are several.

 Andrew  Such as?

Nigel  Major international companies like BHP, Rio Tinto and Vale are coming back into the Katanga region. Then there is Tenge Fungurume, Anvil Mining.

Andrew  So all these major companies are now entering or re-entering the Congo and probably you will say that they show a sign of staying.

Nigel   Yes. Yes, I think especially with the recent election results, I think you’ll see a consolidation and those major companies in country, and they will push ahead with projects again.

Andrew  Now in contrast to this, we are talking again about historical deposits, major companies now making money but you have a very small company. Why did you go there? What are you doing and what are the prospects?

Nigel  The reason for going there as I mentioned before, is that I had been in the country quite a few times before over several years, I’d been associated with some success stories in the country, and I felt that I could reproduce those with these assets. The asset that we’re talking about is a Luisha South Project – it is a small scale licence centered on a small historical pit, the smallest of three that were mined in the 40’s and 50’s and we decided that we would start with that because it was a brown field exploration play that could be developed quite quickly. Within 18 months we have defined 160,000 tonnes of contained copper and about 44,000 tonnes of contained cobalt, which is just a starting point for us. We have recently purchased a DMS concentration plant with a spiral bank and this will get us into production in early 2012.

Andrew   Now let me concentrate on a number.  Your market capitalization is about $13 million ?
Nigel   Yes

Andrew   And, basically you say that you have sufficient deposits both cobalt and copper to stay there, produce, make money and become a meaningful company.  Now let’s go to just the last sentence.  This is the end of 2011.  Three years from now, where do you see your company?  In numbers.

Nigel  In market capitalization?

Andrew   Well– yes.

Nigel  Look, I would like to think that we would have, in three years’ time or so, at least 2 if not 3 operations producing copper and cobalt or copper if they are a pure copper plays.  I would like to think that our share price would be reflected by those new mines coming on board; our current market capitalization is too small for a company that has potential to produce $25 million per annum clear cash flow.

Andrew   Okay – in terms of revenues – in three years and delivery of cobalt and copper, where would you like to see your company?

Nigel  Given current market prices for copper and cobalt, I would think we would be generating from the Luisha project alone in the order of $25 to $30 million per annum with another 2 to 3 of these project sites – and if there is a bigger one or a better one – a better grade, we would probably see it doubling or tripling of profits within 3 years.

Projected Initial 5 Year Cash Flow Summary

Copper Revenue  
Cobalt Revenue  
Total Revenue  
Operating Cash Costs  
Cash Before Tax  
Tax (Effective 29%)  
Cash After Tax  
Net Cash  

NB:  AFR is entitled to 75% of project profits until it executes its options to increase its interest to 90% of the projects profits

Andrew   So in other words, in 5 years’ time let’s say, you consider you will have a revenue base of well over $50 million. And at that time, if there is anything – you would be part of the Congo family of mining companies – an important producer and taxpayer to the country.

Nigel   Most definitely, yes.

Andrew   Now how does the country, the politicians treat you today and how do you expect to be treated in the future?

Nigel   Well I think most African nations including Congo expect to have their pound of flesh, and quite rightly so. The mineral assets are Congolese assets, so we will pay our taxes and make sure that we do the right thing by the communities whose lands we enter upon. With regard to the politicians, I think once you start to get into production, they see you in a completely different light and they start to appreciate what you are doing.

Andrew    Can the Congo government – do they take a meaningful sum from some mining activities?

Nigel   Yes they do.  They have their taxes.  For example, a small mining company will pay taxes from 10% of gross profits if it is a small scale mining licence to 30% of net profits if it is under a different licence structure.  We have an alternative, as to which way we want to go. 

Andrew   And I ask you, if you do $50 million business – roughly how much would you pay to the government?

Nigel   On the – well that’s a net cash position – if we look at sales of $30 million we would probably be paying in the order of somewhere between $3 and $5 million.

Andrew   Now there are 70 million people who live in the Congo – okay – and do you have any idea of the average income? Official…

Nigel   Official I’m not sure, but on average I would say a lot of them live on less than $5 per day. 

Andrew   $5 per ?

Nigel    $5 per person per day. 

Andrew   $5 million income to the government is very meaningful figures. 

Nigel    It is a meaningful figure, yes.

Andrew    Now are there other, what do you call, other exploration companies like you? Are there others entering the corporate business in the Congo? Or, is it only the majors who expand?

Nigel     I think you can have a look at Tiger Resources and how they have expanded over the past few years, originally they were an explorer and they ended up defining a resource of over 1 million tonnes of contained copper and now they are in production – so there’s one success story I can think of immediately. Anvil Mining is another one – started off with the Dikulushi Project and expanded on that and there are several others. They are defining resources and are starting to build their resources and looking towards production.

Andrew    Let me look at the difference here. A few years ago, there was an opinion that Ghana would become the number two gold producer in Africa. Then, came Tanzania where at least 8 to 10 public companies are in the limelight including Barrack and the gold production is very much a reality and part of the government income. The Congo has never been mentioned as a tremendous gold producer, but recently there has been talk that more and more companies including the Chinese entering the Democratic Republic of Congo because of the historic knowledge of mineral resources, you are part of this trend?

Nigel    Yes. Most definitely. There’s some – there’s a huge influx of people over the last 5 years. Obviously China has a large say in what goes on in country from certain aspects of what projects they can do. But, yes, I see the gold sector, the base metal sector, including tin, copper and cobalt all expanding.

Andrew    Now if the investment opinion is that the Congo is becoming a safe place and has all those minerals, you represent a very small company in terms of capitalization, but providing that you meet your projections at this stage, you will contribute to the mineral exploration and deliveries of one of the world’s largest mineral countries. If that happens, investment money would flow much more easily to your geographic area and let’s say, same way as Tanzanian gold which in the last two years, the mineral wealth of the Democratic Republic of Congo would become public knowledge and public recognition. And then of course you will get a much better multiple for your stock, you will find it easier to raise money, you can expand. When I was at Cambridge I travelled to your area and I remember that the sentiment even then was that the Congo had unlimited resources.  

Nigel    Quite right. I totally agree. The Congo as far as I am concerned and I can speak on a personal level, I worked in Tanzania for 4 years and saw the huge development there, that can be repeated in the DRC easily.

Andrew    So basically our task is twofold.  Very simple – number one – explaining African Metals, its current market cap, its reserve, production capability, and a valuation which is vastly different than its current $13 million.

Nigel   yes.

  December 2011 5 Years Later
Price 14¢  
Market Cap $14M  
Revenues   50M
Pre-Tax                  30M
Value   90M+
Per Share   $1.00

Andrew    And to do that you do have – how do you call it – micro-economic model projection, but it is equally important to explain that Congo where there is now development of mineral wealth that’s vast and there are many companies involved in this concept. Then one must add the numbers together – altogether – what the Congo provides for the rest of the world. And again I remember when I was there personally for the first time, the so-called Congo Copper Belt supported the whole country. I mean that’s why the war was fought – the war happened – everybody wanted the Congo’s natural copper, the Congo’s natural resources.

Luisha South Project Metrics

Ore Treated

  • Initial 750,000 tonnes of oxide material grading >1% Cu & 0.4% Co to be treated in the first 15 months by DMS Plant only
  • A further 2.24Mt of tailings and suphide ore to be treated from Year 2 to Year 5 by Floatation process with staged installation of 3 Floatation Cells rated at 600tpd
  • A further 3.93Mt of sulphide ore can also be treated in Year 6 to Year 12

Throughput and Product

  • Approximately 50,000 tonnes ore per month processed
  • Y1-5  = 19,953 tonnes of Copper produced and 8,017 tonnes of Cobalt
  • Y6-12 = 47,174 tonnes of Copper produced and 9,435 tonnes of Cobalt
  • Total   = 67,127 tonnes of Copper produced and 15,452 tonnes of Cobalt

Projected LOM Net Revenue

  • Y1 to 5   = Average US$18.3M/year total revenue after tax
  • Y6 to 12 = Average US$25.5M/year total revenue after tax

Assumptions:  Copper price US$8000/t; Cobalt price US$30,000/t; Inflation 5% pa; Taxation 30% Corporate and 10% on Gross Sales for Small Scale Mining

Nigel   They still do!

Andrew   Basically what you are saying after so many years there is a rejuvenation of spirit and hopefully investment bankers, brokers, and individuals who say that this is a neglected territory of the world. This is a territory which went through many historic changes but perhaps for the first time after 50 years of getting independence from the Belgian King. Even after 50 years Mr. Lumumba who I hope you remember his name –

Nigel    I do –  Patrice Lumumba.

Andrew    Patrice Lumumba – I met him. That after 50 years of Lumumba the government, the Congolese government is settling down to business but when you settle down to business, the numbers are enormously big. A company which can produce $40, $50 million revenues, and can grow and the prices and grow because of the world economy, is not going to sell at $30 million. And last but not least, one should mention about your company, that you work in a difficult environment with very little money – it’s all the hard work of management and their friends, but the company has never been subject to any scandals and is becoming part of the next decade which I think will be the decade of commodity expansion. Particularly the interest is Africa. There is no other territory in the world besides Africa because you have over 1 billion people, marvelous climate, all sorts of mineral and food resources, and basically speaking, peaceful people.

Nigel    Yes. That’s right. 



Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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