AIM Resources flags early start for mine Thu 07 Sep 2006
AIMR - AIM Resources
Latest Prices Name Price % AIM Resources 11.75p 0.00%
Mining 15,001 +1.81%
LONDON (SHARECAST) - AIM Resources expects to reduce by up to 12 months, the expected start-up time and move to full production for its flagship Perkoa zinc project in Africa, the group said today.
The 500,000 tonne per annum zinc mine in the Sanguie Province of Burkina Faso, 120 kilometres west of the capital, Ouagadougou, is now expected to commence mining in the middle of next year.
Managing director Marc Flory said the reduction in time to full production had been achieved through adopting a new mining method.
“We were aiming for a 2008 start but this decision will allow that to be brought forward by a minimum six months but nearer 12 months on Perkoa,” he added.
“Our initial rate will be 500,000 tonnes per annum but we have the capacity at Perkoa…to lift that in a short time to 650,000 tonnes, with a high recovery rate annually of 65,000 tonnes of zinc concentrate.”
In addition, the group said funding offtake agreements for the mine's zinc output are imminent, with the business expected to make an announcement on such agreements “within the next week or two”.
“We have been negotiating with two smelters and a metals trading company with a presence in West Africa and all of whom are interested in project participation,” said Flory.
aiming for 2008 start but now btween 6-12 months earlier, blah blah blah
AIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)