http://en.rian.ru/business/20071225/94059180.html
Russia's Sintez Group to develop copper deposits in Namibia
MOSCOW, December 25 (RIA Novosti) - Sintez Group [RTS: SINT] said on Tuesday it
had acquired an 85% stake in a Namibian private sector company holding four
licenses to prospect for copper, rare and precious metals in northwest Namibia.
The prospecting licenses to survey an area of about 2,900 square km (1,119
square miles) have been issued for a three-year period and could be extended
for a further four years. Under Namibian legislation, the company will receive
priority for mining licenses, provided that mineral resources are discovered,
Sintez said.
Sintez expects to launch its prospecting and survey project in the African
country in the first quarter of 2008 and is currently drafting a program for
it, the group said.
Sintez Group, which carries out projects in the electric power sector,
geological prospecting, oil and gas production, oil refining and sales, the
repair of wells and provides transport services, has already accumulated
experience of working in the African country.
Since 2006, Sintezneftegaz-Namibia Ltd. incorporated in Sintez Group has been
prospecting for hydrocarbons in the north of Namibia's shelf and expects to
start drilling the first survey well in the Kunene area in the first quarter of
2008.
In November, Sintez Group also acquired five prospecting licenses to search for
alluvial diamonds on the Namibian shelf.
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