El Maniel International Inc Enters Into Discussions to Acquire Stakes in Rural Community Banks of Ghana, West Africa to Expand Gold Capabilities
GlobeNewswire “Press Releases”
NEW YORK , Jan. 14, 2011 (GLOBE NEWSWIRE) — El Maniel International Inc (OTC: EMLL) announces that the company’s Board has unanimously agreed to move forward with the acquisition of Rural Community Banks (RCB) in Ghana , West Africa as one of the Company’s significant business growth and development milestones.
“As micro-credit services from RCB are commonly provided to small-scale mine operators, this Rural Community Banking division initiative in Ghana will be expected to also function as a reservoir of network and resources to compliment our gold trading business arm under EMLL Mining Limited ,” according to El Maniel’s CEO, Jamie Khoo .
According to research, the small-scale mining of these precious minerals has made significant socioeconomic impact on many individuals and communities since it provides both part- and full- time jobs for the people and in some cases it is the only source of income available to the people. In the rural communities where mining action takes place, the activity has reduced rural exodus, promoted local economic development and contributed towards poverty reduction.
“Our banking initiatives is envisaged to be friendly towards small scale miners as a number of them are still facing difficulties in gaining access to the necessary capital from banks due to the nature of their activities being scattered, informal and lack of acceptable forms of collateral demanded by such banks,” stated Jamie Khoo . “Under our Rural Community Banking plan, we will encourage these group of customers to form co-operatives, enterprises or companies to increase their capital base so that we can put together programs to assist small-scale miners towards achieving increased revenues and creating optimum socioeconomic benefits to the local community.”
El Maniel’s Rural Community Bank Acquisition Program is under way and the Rural Community Banking division is expected to formalize before the end of the first quarter of 2011 at which point the ownership in one or more RCB will be announced with plans of progressive stake acquisitions throughout the year and beyond.
“All acquisitions will be made from our internal funding and this exercise will not have any impact on the cash flow allocations of our gold mining activities,” added Jamie Khoo “The Rural Community Banking division is expected to maximize and expand the capabilities of the gold business trading arm under EMLL Mining Limited and contribute significantly towards the company’s bottom-line.”