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Gulf is a resource development company that creates value for shareholders through the identification, acquisition and valorisation of resource focused projects, with a particular emphasis on regions where Gulf maintains relationships that provide a strategic advantage. Gulf Industrials is an African focused industrial mineral developer with exploration and development assets in Uganda, Kenya and Madagascar.

Strategies implemented by Gulf in mid 2008 focused on projects capable of providing the company with an early cash flow, enabling company management to negotiate and sign a Sale and Purchase Agreement with Rio Tinto International Holdings Ltd for the 100% acquisition of the East African Vermiculite Project in Eastern Uganda. During the ensuing year the company continued to review and rationalise operations, making significant cuts in expenditures where possible, while ensuring the Gulf group retains its primary assets and experienced management team.


2010 has been a significant year which has seen Gulf Resources move its primary asset, the Namekara Vermiculite Mine, part of the East African Vermiculite Project into production. Namekara is located in eastern Uganda near the towns of Mbale and Tororo close to the Kenyan border and on the main logistics route to the Port of Mobasa.

An Independent SRK review commissioned by Gulf in mid 2009 verified that Namekara contained a JORC inferred resource of 54.9million tonnes @ 26.7% vermiculite in the +180 micron fraction (V_180) and 18.8% vermiculite in the +425 micron fraction (V_425). This resource calculation has a surface extent of 1km by 1km (location of existing mine/pit), but additional exploration work by the Company indicates that vermiculite is present over an area of 1km by 5km. These results are a clear indication that the Namekara resource is one of the largest reported high grade vermiculite resources in the world. The vermiculite deposit extends from near surface to a depth of between 45m and 55m and is excavated using off the shelf mechanical excavating equipment in a standard shallow open pit operation.

On 25 May 2010, Gulf announced a significant Company milestone with the move from explorer to producer with the recommissioning of the Namekara processing plant following a period of extensive and detailed design, re-engineering, customer trials and test work. In addition, as part of the recommissioning, further design work has commenced for additional facilities to be added in the future as part of the proposed production ramp up.

The Company announced in July 2010 that it had extended its existing European ten year exclusive sales and distribution contract with leading UK based vermiculite distributor Dupré Minerals Limited (Dupré), to a global 25 year agreement. Dupré which is wholly owned by London listed Goodwin Plc (LON : GDWN) is a leading vermiculite processing and manufacturing company in the UK which has over 40 years of industry experience and their established brand has inspiring some of the world’s most advanced vermiculite product formulations.

Under the terms of the agreement, Dupré will provide expert market and product support from its world class facilities in the UK and provide dedicated sales and distribution staff experienced within the vermiculite market. In addition, Dupré is providing US$1 million to invest in additional equipment to assist in the production ramp up of Namekara to increase capacity moving forward.

It is the Company’s intention to increase capacity from the current 15,000 tonnes per annum to 35,000 tonnes in the next two years. Based on current market conditions and expectations, the Company is currently reviewing the feasibility of increasing output to over 100,000 tonnes per annum within the next five years.


In 2010 Gulf purchased the Soalara Limestone Project – a large, high quality limestone deposit demonstrating a chemical composition suitable for application in the cement, mineral processing and fertiliser industries. The Project covers an area of 12.5 square kilometers and is located near Tulear in the south?west of Madagascar.

The Company is currently initiating a feasibility study process in conjunction with its strategic alliance partners for port, logistics and development advice. Internal conceptual and scoping studies model an initial two million tonnes per annum operation, with targeted revenue of US$28 million per annum, and ramping up to a five million tonnes per annum operation over two years from plant commissioning with targeted revenue of US$70 million per annum. The Company is also in discussions to secure the rights to an adjacent tenement which also covers a substantial limestone deposit.

Favorably located near an existing port, Gulf believes Soalara can be developed and expanded into a world class limestone, lime and cement exporting project. The Company has secured strategic alliances with:

* SDV International Logistics, part of the multinational Bolloré Group for port, logistics and development advice
* MCC Group one of Africa’s largest and most experienced open cut mining contractors

The Company is in the process of assessing immediate market prospects on the completion of the purchase which include:

* A 1.7 Mt per annum limestone requirement for Ambatovy Nickel Laterite Project at Tamatave in Madagascar
* Large Indian Steel Group want 2Mt of product per annum, for 50 years – in discussions
* Exports into East Africa of between 0.5 to 1Mt per annum

In addition to Soalara, the Company is in the process of securing the rights for Gypsum and Graphite projects in Madagascar and looks forward to updating shareholders on this development in the future.

Kenya Exploration Project – Mwingi Prospect

Gulf holds exploration tenements in Kenya to explore for base and precious metals, minerals, sands, rare earth elements and uranium. Gulf’s focus is on the industrial mineral potential of the region and Joint Venture partners will be sought to explore the base metal, iron ore and gold prospects that lie within the license area.

Mine For

Vermiculite, limestone, nickel, gold, iron ore, base metals

Location of operation(s)

Uganda, Kenya, Madagascar


Level 10, Gold Fields House, 1 Alfred St


(61 2) 8247 5333



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The data on Australian is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.