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  • Blackthorn Resources Renews Mumbwa Prospecting Licence  0 comments
    Sep 16, 2013 1:55 AM

    Blackthorn Resources (ASX: BTR) has renewed for a seventh year, the large-scale Mumbwa prospecting licence in Zambia that hosts the Kitumba Copper Deposit.

    It also plans to convert the prospecting licence into a mining licence in the second quarter of 2014 following an update of the recently completed Pre-Feasibility Study.

    "We are very pleased that the Mumbwa licence has been successfully renewed for a 7th year. Security of tenure is absolutely critical for any exploration and mining company and this renewal is an important step in the process along the 'Path to Production'," managing director Scott Lowe said.

    "The company enjoys a positive reputation with the Zambian Government and we look forward to submitting a mining licence application in due course."

    Mumbwa Licence

    The Mumbwa licence was first granted on 14 November 2007. Zambian legislation allows for a licence to be renewed twice for a total of six years (in this case expiring November 2013).

    However, a prospecting licence may also be renewed for a final 1-year term with approval from the Director of the Zambian Geological Survey Department. After the 7th year the licence must be converted to a mining licence.

    Mumbwa now expires on November 2014.

    Kitumba

    The recent PFS had demonstrated that the Kitumba Copper Project had the potential to be an economically and technically viable project.

    This had estimated that annual ore production of about 3 million tonnes Run of Mine to produce about 39,000 tonnes of copper using a combination of flotation and solvent extraction and electrowinning could deliver a project with life of mine average C1 cash cost estimate of US$2.04 per pound of copper.

    Project development costs are estimated at about US$358 million with an NPV of US$108 million.

    Work is ongoing to further optimise the project with a focus on metallurgical recovery and mining sequence, which could enhance economics.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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