Nairobi, Kenya, January 16, 2009 --(PR.com
)-- The Board of Directors of Kenya Fluorspar Company Ltd. ("Kenya Fluorspar" or "the Company") has announced that on December 31, 2008 Firebird Global Master Fund II, Ltd. ("Firebird") made a significant minority investment in the Company. The proceeds of this investment will be used to enhance the prospects and profile of the Kerio Valley mining operation.
Firebird is managed by FG2 Advisors, LLC, a member of the US-based Firebird investment management group that focuses on investments in global emerging markets and particularly in mining and natural resources.
In a statement, Kenya Fluorspar Chairman, Mr. Charles Field-Marsham, said: "This strategic investment by an expert in global mining attests to the success of the efforts of Kenya Fluorspar and its employees to continually improve the operations of the mine. This investment will provide the capital and expertise necessary to continue these improvement efforts and represents an important example of the attractiveness of Kenya as a destination for foreign investment".
The statement added that the investment by Firebird will offer many opportunities for Kenya Fluorspar, including:
· Extension of the economic life of the mine by funding a drilling program;
· Increased job security and opportunities for employees;
· Community access to improved and upgraded facilities; and
· Improved efficiencies and profitability resulting in more investment, employment and tax revenue for Kenya.
The Company also announced the planned creation of an Employee Share Ownership Programme, which will allow its employees to become partial owners of Kenya Fluorspar.
James Passin, the Manager of Firebird, stated: "We are delighted to make the investment into Kenya Fluorspar. We have a positive view of the investment climate in Kenya."
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