7th Oct 2013 09:56
LONDON (Alliance News) - Mwana Africa PLC Monday said its plan for the re-start of operations at its Trojan Nickel mine had been reviewed by SRK Consulting, which confirmed that the targeting of higher grade ore zones was realistic and achievable, allowing it to update its ore reserves statement.
The company said that following the so-called "competent person's review", it now has a reserves statement for total proven and probable reserves of 3.168 million tonnes of ore at an average grade of 1.04% for 32,975 tonnes of nickel, a 28% increase to the previously reported reserves of 25,810 tonnes of contained nickel.
Mwana said SRK is satisfied that the terms of its offtake agreement with Glencore gives clarity on the revenue assumptions made going forward and has been appropriately reflected in the business plan.
The restart of operations at Trojan followed four years during which it was put on care and maintenance. The first sale of ore from the mine to Glencore took place in April.
Mwana Africa shares were up 1.7% at 1.50 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Mwana Africa