Adastra Minerals

American Mineral Fields (AMF) was founded in 1995 to "develop diamond interests" in Brazil by Mike McMurrough and Jean-Raymond Boulle.{{cite news |last=Block |first=Robert |date=1997-04-14 |title=Mining Firms Want a Piece Of Zaire's Vast Mineral Wealth |url=https://www.wsj.com/articles/SB86096506229890500 |newspaper=The Wall Street Journal |accessdate=2020-04-10 |archiveurl=https://archive.today/20200410070937/https://www.wsj.com/articles/SB86096506229890500 |archivedate=10 April 2020 |url-status=live }} American Mineral Fields was based in Hope, Arkansas and operated from Canada. It was the "brainchild" of Boulle, a former executive at De Beers Diamonds in South Africa. It was chaired by McMurrough, described as a personal friend of Bill Clinton.

Early on, it operated as a penny-stock company listed in Vancouver{{cite book |last=McNish |first=Jacquie |date=1998 |title=The Big Score |url=https://archive.org/details/bigscore0000mcni/ |location=Toronto |publisher=Doubleday Canada |page=[https://archive.org/details/bigscore0000mcni/page/330/ 330] |isbn=0-385-25758-9 |accessdate=2020-04-10 }} on the Vancouver and Toronto stock exchanges, but "lacked sufficient capital to develop mines on its own." In 1996, when it was listed on the Toronto Stock Exchange for the first time, The Robertson Stephens Orphan Fund was among its largest shareholders.{{cite news |last=Morais |first=Richard C. |date=1998-08-09 |title=Friends in high places |url=https://www.forbes.com/global/1998/0810/0109038a.html |magazine=Forbes |volume=162 |issue=3 |accessdate=2020-04-10 |archiveurl=https://web.archive.org/web/20200410070249/https://www.forbes.com/global/1998/0810/0109038a.html |archivedate=2020-04-10 }}

Adastra Minerals in 2004 contracted a "definitive feasibility study" on the DRC Kolwezi cobalt/copper tailings project to a joint venture of Murray & Roberts and GRD Minproc.[https://m.miningweekly.com/article/contract-awarded-for-kolwezi-feasibility-study-2004-08-20/rep_id:3861 "Contract awarded for Kolwezi feasibility study"], Mining Weekly (August 20, 2004) It was still being finalized in the middle of 2005.{{cite news |editor-last=Simpkins |editor-first=Edward |date=2005-05-08 |title=Market miscellany |url=https://www.telegraph.co.uk/finance/2915277/Market-miscellany.html |newspaper=The Daily Telegraph |accessdate=2020-04-10 |archiveurl=https://web.archive.org/web/20200410073055/https://www.telegraph.co.uk/finance/2915277/Market-miscellany.html |archivedate=2020-04-10 }}

In 2004, Adastra Minerals rejected a buyout offer by First Quantum.{{cite news |last=Wong |first=Craig |date=2004-06-04 |title=Adastra Minerals' Board Dismisses First Quantum's Offer |url=http://www.futuresmag.com/2006/01/23/adastra-minerals-board-dismisses-first-quantums-offer |newspaper=Modern Trader |agency=The Canadian Press |accessdate=2020-04-10 |archiveurl=https://web.archive.org/web/20200410073904/http://www.futuresmag.com/2006/01/23/adastra-minerals-board-dismisses-first-quantums-offer |archivedate=2020-04-10 }} In 2005, the World Bank subsidiary The International Finance Corporation was considering taking a ten percent stake in a project owned by Adastra Minerals. Adastra had formerly been known as American Mineral Fields.[https://www.telegraph.co.uk/finance/2915350/World-Bank-mulls-mine-stake.html "World Bank"], Rosie Murray West, The Telegraph (May 9, 2005)

Also in 2005, Adastra Minerals was still involved in copper and cobalt, and its "$300m Kolwezi cobalt and copper tailings deposit in Democratic Republic of Congo is attracting a high level of interest from South African financiers." At that point, Adastra's Kolwezi project had secured a 7.5% ownership stake from the International Finance Corporation, and 10% owned by Industrial Development Corporation in South Africa.{{cite news |last=Matthews |first=Charlotte |date=2005-09-01 |title=Adastra gets jungle fever as Congo plans flower |url=https://infoweb.newsbank.com/apps/news/document-view?p=AWNB&docref=news/132D70A7A75B7080&f=basic |newspaper=Business Day |accessdate=2020-04-10 |archiveurl=https://archive.today/20200410074303/https://infoweb.newsbank.com/apps/news/document-view?p=AWNB&docref=news/132D70A7A75B7080&f=basic |archivedate=10 April 2020 |url-status=live }}

In January 2006, First Quantum Minerals in Canada made a hostile bid to acquire Adastra Minerals, with the bid rejected for being too low. In late April 2006, a second bid was put forward by Mwana Africa, with that bid rejected as well. By 2006, the company was owner of the Kolwezi project as the as a "Kipushi copper and zinc mine." The Kolwezi mine at the time as the "world's largest cobalt and copper surface resource," in the form of waste material from a former mine. It was expected to "produce 5,500 tonnes per year of cobalt and 30,000 tonnes of copper."{{cite news |editor-last=Simpkins |editor-first=Edward |date=2006-01-22 |title=Market miscellany |url=https://www.telegraph.co.uk/finance/markets/2930603/Market-miscellany.html |newspaper=The Daily Telegraph |accessdate=2020-04-10 |archiveurl=https://web.archive.org/web/20200410073457/https://www.telegraph.co.uk/finance/markets/2930603/Market-miscellany.html |archivedate=2020-04-10 }}

After agreeing to a revised bid, in May 2006, First Quantum Minerals acquired Adastra Minerals "in a cash-and-shares deal worth about C$275 million (£135 million)." First Quantum said it would like Adastra on the London Stock Exchange. At the time, Adastra was based in London, England and developing mineral assets in Central Africa, particularly mining operations in Zambia, Mauritania and Congo. After the acquisition, First Quantum again had gained control of the Kolwezi mine, committing to invest a new $600 million in the project.{{cite magazine |last=McClearn |first=Matthew |date=2012-06-05 |title=How First Quantum settled with ENRC for compensation over Congolese mine |url=https://www.canadianbusiness.com/business-strategy/how-first-quantum-settled-with-enrc-for-compensation-over-congolese-mine/ |magazine=Canadian Business |issn=0008-3100 |volume=85 |issue=10 |accessdate=2020-04-10 |archiveurl=https://web.archive.org/web/20200410064502/https://www.canadianbusiness.com/business-strategy/how-first-quantum-settled-with-enrc-for-compensation-over-congolese-mine/ |archivedate=2020-04-10 }}

• Jean-Raymond Boulle, founder; owned 10% stake at time of acquisition by First Quantum.
• Former United States President George H. W. Bush was until 2006 named a member of the international advisory board.

{{reflist}}

• [http://www.first-quantum.com/ First Quantum Minerals]

Category:Copper mining companies of the United Kingdom

Category:Defunct companies based in London