Globe Metals and Mining, the Australian Securities Exchange (ASX)—listed company exploring for niobium at Kanyika in Mzimba, has completed its share buy-back programme of 5.8 million shares at $677 451 (about K237 million).
“During this time, the highest price paid was 15 cents on 14 June 2012 and the lowest price paid was 6.4 cents on 20 May 2013,” reads the company’s statement posted on ASX.
The share buy-back programme started on June 14 2012.
Currently, there are 220.3 million ordinary Globe shares which will remain listed on the ASX after the cancellation of shares.
According to the company, the share buy-back programme was initiated following approval from the Australian Foreign Investment Review Board for Globe to buy back up to 10 million shares, which is about five percent of its issued capital.
Currently, the company is working on completing the Definitive Feasibility Study (DFS) of the Kanyika Niobium Project (KNP) as early as possible.
Globe is being supported by its major shareholder East China Mineral Exploration and Development Bureau (ECE) .
Apart from KNP, the company is working on other projects and is planning to carry out new exploration work on the projects of Muambe and Chiziro in Mozambique and Machinga in Malawi.
The company has appointed Alistair Stephens, a qualified geologist as the chief executive officer effective May 20 2013.