29th Jan 2014 10:59
LONDON (Alliance News) - China Africa Resources PLC Wednesday said it expects a delay in the publication of its pre-feasibility study for the Berg Aukas Mine.
The joint-venture between East China Mineral Exploration and Development Bureau and Weatherly International, which mines in Namibia, said it expects to publish the study at some point in the first quarter of 2014.
China Africa Resources had previously said that, "provided the results continue to be positive," it was expected that the feasibility study will be finalised by the end of 2013.
The company blamed the delay on the fact that it is gathering additional commercial information which is taking longer than expected.
The Berg Aukas underground mine previously operated from 1958 to 1978. The first shaft was established in 1958 with a second shaft sunk in 1968.
The mine closed in 1978 and significant resources remain un-exploited. The majority of the remaining resource is located in areas of the mine where extensive development is in place, providing good access to the orebody, according to the company.
China Africa Resources' shares last traded at 26.5 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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