[miningmx.com] — JSE-listed Miranda Minerals has secured a R98.2m cash injection from a Dubai investment firm chaired by Thaksin Shinawatra,
a former prime minister of Thailand.
In a statement on Friday, the company said the investment was part of a two-stage capital-raising programme that would result in Thaksin’s investment firm, Global PS Telecom Investment Company, holding 34.99% of Miranda Minerals.
“The capital raised will enable Miranda Minerals to accelerate development of a range of mineral assets while demand for coal and other minerals remains firm in key markets on the back of gradual economic recovery.”
The projects included the separate listing of Miranda Coal as the operation began to produce and sell export grade coal on the international market.
Thaksin said Global PS had identified Miranda Minerals as its preferred investment vehicle through which to establish meaningful exposure to exploration and near-production mining assets in South and Southern Africa.
“Miranda’s pipeline of projects, current emphasis on coal, which is a commodity in high demand internationally, as well as its diversified mineral portfolio were all aspects that excited Global PS.”
Thaksin was ousted in a military coup in 2006 and has since allegedly funded anti-government “Red Shirt” protests.
In 2008 he was convicted on conflict of interest charges and fled the country.
