Uganda: Australian Firm Sources Funds for Bukusu Mines

Black Mountain Resources Limited is to spend much of the month of May trying to convince its shareholders to participate in a $3.2 million rights issue, the substantial amount of which is planned to be invested in the Busumbu phosphate project in eastern Uganda.

The launch of the rights issue comes less than three months after Black Mountain Resources, an Australian mining company, agreed to relinquish its license over the Namekara vermiculite mine for a debt relief.

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