LONDON--Obtala Resources Limited (OBT.LN), a natural resource
investment company, said Monday that it has received a further
order from Vale, a Brazlian mining company, for additional timber
railway sleepers.
MAIN FACTS:
-Continues to actively work on the timber railway sleeper
contract, as announced on Feb. 20
-Received a further order from Vale for an additional 31
junction sets over and above the original 90 sets ordered.
-Remains confident that additional timber supply contracts of
this nature will be received as the company continues to align
itself with the on-going national development plans in Mozambique
as a recognized supplier to Vale.
-Contract has been concluded to supply sawn Kiaat timber on a
monthly basis over the next year to a local company.
-Revenue generated on a monthly basis from the contract will
off-set the sleeper production costs.
-Engaged the services of an independent U.K. based and regulated
forestry investment appraisal and management company to undertake
an appraisal and valuation of the forest assets held by the company
in Mozambique.
-Shares at 0803 GMT up 1.4% at 9 pence, valuing the company at
GBP24 million.
-Write to Tapan Panchal at tapan.panchal@wsj.com
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