Mystery group Transal Holdings in Cape York deal to fund the Aldoga greenfield

The mystery group which controls Gladstone's stalled $2 bn Aldoga aluminium smelter teamed with Queensland miner Metallica Minerals to fund development of the company's bauxite deposits on Cape York Peninsula. Under a complex non-binding memorandum of understanding, Metallica plans to raise $1.86 mn through a placement to Anegada Metals Corporation. Anegada will emerge with 9.3 mn Metallica shares equating to about 13% of its expanded capital and a seat on the board. Metallica intends to then lend $1.5 mn to its own subsidiary Cape Alumina Pty Ltd to fund an accelerated drilling program and scoping study on its Weipa bauxite project. Under a separate leg of the deal Anegada will sell its 100% stake in Aldoga Minerals (which owns its West Australian exploration rights) to Cape Aluminium. Anegada Metals Corp is a wholly owned British Virgin Islands subsidiary of Transal Holdings controlled by Uzbekistani industrial tycoon Azam Aslanov and his two sons, Amon and Firkat. The company is the major shareholder in the Aldoga Aluminium Smelter project and owns 80% of Aldoga Minerals – the balance of which is owned by Aldoga's original promoter John Benson. (The Courier Mail - 04/22/05)

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