18th Sep 2014 10:32
LONDON (Alliance News) - Kibo Mining PLC Thursday said its definitive mining feasibility study has confirmed its Rukwa project, in the Mbeya Region, Tanzania, can be efficiently mined within its cost parameters.
The study focused on assessing and confirming a conceptual mine plan with the most significant results including 120,000 tonnes per month of mined ore that can be processed without crushing and a stripping ratio - the ratio of tonnes of waste to tonnes of ore in an open pit mine - at 4 bank cubic metres per tonne.
"Confirmation of these critical factors therefore demonstrates that Rukwa can be mined efficiently and within previously reported cost parameters," it said.
This will be achieved by mining the pit from two starter pits, allowing advances on four benches and four directions along strike simultaneously, providing flexibility in the mine plan and setup, said Kibo.
It will also allow for mine waste to be deposited in the pit, significantly cutting down on hauling cost and eventual rehabilitation cost, it added.
"We continue to rapidly de-risk the mining portion of the Rukwa Coal to Power Project, with further detailed work delivered in these early stages of the feasibility process. The technical fundamentals and planning considerations are already well developed, which should allow a quicker than expected advance into phase 2, stage 1 of the DMFS," said Chief Executive Louis Coetzee.
Kibo's shares were down 12% to 1.70 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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