British firm seeks investors for global weapons disposal
Sunday 01 January 2012
A small British defence company is preparing a £7.8m fundraising to rid the world of 40m tonnes of obsolete guns and ammunition.
Munitions Disposal International Solutions wants to convince City investors that the market has huge potential, with 15m tonnes of weaponry rotting in Russia and massive stockpiles emerging in post-Gaddafi Libya. It is in talks with a number of potential clients, including a national government in Asia.
Munitions Disposal has grown out of a business established to dispose of unexploded shells and bombs used on Ministry of Defence firing ranges.
Founder John Reid believes the potential market is huge, estimating there are around 100 million mines in 64 countries.
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