The Company will seek to invest in opportunities within the natural resources sector that the Directors
believe either are of strategic value or represent a significant value opportunity. The Company is prepared to
take an active role in its investments where it is deemed to be appropriate.
The Directors plan to adopt a flexible approach, both to the form of the Companys investments and the
subject of its investments. This includes making investments in other listed investment companies focused
on the natural resources sector, including those with no significant assets other than cash. The Directors
believe that investing in other natural resources focused investing companies will provide the Company with
greater scope to make and support investments in the natural resources sector.
The Company's investments may take the form of:
Possible investments could include direct or indirect investments in:
Permits and licences
Exploration, mining and production operations
Processing and development projects
The Company may make indirect investments via:
Unquoted companies seeking a public quotation
Candidates for reverse transactions into quoted investment companies
The Company may invest in these types of opportunities through:
Joint venture arrangements
As finance for management buy-outs or buy-ins
As finance for pre-IPO, seed and underwriting positions
Such investments may result in the Company acquiring the whole or part of a company or project.
The Company will consider opportunities anywhere in the world, with a particular focus on Africa, the Americas, Australasia, Central and Eastern Europe and Russia and the former Soviet Union republics.
The Company expects to be an active investor in situations where the Company can make a clear contribution to the progress and development of the investment. In respect of other, principally more substantial opportunities, the Company expects to be a passive investor.
The Company intends to invest for the medium to long-term. However, should an opportunity arise to realise its
investments, the Company will consider these on a case-by-case basis and seek to maximise value for
The Directors intend to hold all investments for a minimum of 30 days. Other than set out above,
there are no restrictions on the Companys investment policy.
The Company intends to utilise industry experts in the analysis of proposed investments, and it is intended that
the decision making process will be a collegiate, team-based approach, driven by intrinsic value or informed
The returns to Shareholders are expected to be by way of dividends and growth in the value of the Company's