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African Eagle Resources
- BY: Andrew Hore |
- POSTED: 24/03/2009 |
- COMMENTS: Add yours
African Eagle Resources has published good test results from its Dutwa nickel project in Tanzania.
The study confirms that there is low acid consumption and good nickel recovery. The low acid consumption should mean that the capital and operating costs will be low.
Shares in African Eagle rose 0.375p to 3p each, which values the company at £6.38m.
African Eagle will commission a scoping study on the 90%-owned Dutwa nickel deposit. That could be finished by the time of the AGM in mid-June.
The feasibility study could then follow. Management is confident that the deposit will be economic at current prices because mining costs are relatively low.
There is a JORC compliant resource at Dutwa of 31m tonnes at 1.1% nickel and 0.034% cobalt, containing 340,000 tonnes of nickel and 11,000 tonnes of cobalt.
African Eagle has £2.1m in the bank and that should last up to 18 months. By then the feasibility study should be started. That will cost between $2m and $5m.
It could still cost between $300m and $400m to get the mine into production. There is already interest from potential providers of finance, though. It could take three or four years to get to production.
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