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ZYL Limited Secures More Time For Mbila Anthracite Update

ZYL Limited (ASX : ZYL) has secured additional time from the ASX to complete an update for its Mbila anthracite project in South Africa, with the company entering a voluntary suspension today.

The company had in early October made the strategic decision to expand the scope of the Bankable Feasibility Study (NYSE:BFS) for Mbila to include further development options.

This will include an open pit which would potentially support a quicker build up to sustainable production with lower operating costs.

It has also received several expressions of interest from third parties that have indicated a desire to secure offtake, provide debt finance, project funding and infrastructure solutions.

Mbila, which hosts a resource of 154.2 million tonnes, consists of a Mining Right covering 19,180 hectares and a Prospecting Right covering 52,946 hectares.

The suspension would last until the earlier of its releasing the update or the start of trading on Monday, 5 November.

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