mrc: the day will come...be patient!
Canadian junior cleared to mine mineral sands in Kenya Rebecca Keenan 22 January 2003 CANADIAN titanium miner Tiomin Resources' shares jumped more than 40% to a high of C37c on the Toronto Stock Exchange after it received environmental approval for its Kwale titanium project in Kenya.
The company said the approval of its environmental management plan was a milestone as it completes the last major environmental requirement to proceed to the construction phase at Kwale, which is anticipated to begin this year.
Tiomin has also received Kenyan government approval for its mining lease application on the Kwale titanium-bearing mineral sands deposit.
"Tiomin is pleased that the newly elected government of Kenya has reviewed our EMP and has approved it," Tiomin president Jean-Charles Potvin said.
"This is further proof that the Kwale project work has been done at a high standard and confirms the legitimacy of the approval process."
Kwale is located 65km south of Mombasa and contains an economic reserve of 142 million tonnes of titanium and zirconium mineral bearing sands.
The feasibility study indicates the deposit can produce more than 300,000 tonnes of sulphatable ilmenite, 38,000t of high-quality zircon, and over 75,000t of rutile annually during the first six years of production to generate US$40 million in annual operating cash flow.
This production level would represent about 4% of the world's consumption of ilmenite and zircon and 13% of the world's rutile production, Tiomin said.
Tiomin closed on the TSE at 30c.
MRC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
