9th Sep 2013 09:51
LONDON (Alliance News) - Ferrex PLC Monday said it had both increased and upgraded its compliant resource estimates for its Nageya Manganese site in northern Togo.
The exploration-and-development, iron ore and manganese mining company with operations in Africa said it upgraded the measured resource to 2.0 million tonnes at 17% manganese over its first three years based on the results of 39 test pits at its 85%-owned Nayega Manganese project.
The company also said the total resource at the site increased to 11.0 million tonnes at 13% manganese, representing a 51% increase in tonnage and 44% increase in contained tonnage from the last resource update.
Ferrex said the project has good infrastructure, with a direct road to the deep water port of Lome, and has the opportunity to be a low capital-and-operating-cost open-pit mine in the near term.
The company said a definitive feasibility study of the site is progressing well and tender documents for mining and road haulage are nearing completion.
"As soon as the exploitation right has been awarded, we can finalise these documents and proceed with tenders for the construction of our first production development project in line with our strategy generating early cash flow to aid development of our additional African iron ore portfolio," Managing Director Dave Reeves said in a statement.
Ferrex shares were up 0.01 pence to 1.97 Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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