DIVERSIFIED giant BHP Billiton has decided to manage and fund the next phase of the Mumbwa iron oxide, copper and gold exploration project in Zambia, joint-venture (JV) partner Blackthorn Resources has said.
Once completed, BHP could elect to increase its interest in the project from 40 per cent to 60 per cent, the company said in a statement.
“We are very pleased that BHP Billiton has chosen to fully fund this next phase of the project that will include a concept study.
“We are also excited about further exploration work being undertaken to assess the full potential at Mumbwa,” said Blackthorn managing director, Scott Lowe.
The phase-four programme would use two universal drilling rigs to test the Mushingashi anomaly.
BHP has already selected a preferred drilling contractor and expected to finalise a drilling contract soon.
It was likely that the two drill rigs would be on site in late March.
The phase-four programme would also include a scoping study, to evaluate the exploration and development of the project.
The concept study would incorporate additional data collected from the phase four drilling, as well as the inferred mineral resource estimate from the Kitumba anomaly.
The programme would start following the end of the wet season and on the completion of site improvement works.
This was expected to take place by April, but was dependent on ground and access conditions.
[Times of Zambia]
Now we are talking because this is a big mining house. My office is just a few metters away from its offices here
are they giving out biltong?? mmm biltong kale bane
Good news. Hope they get to have a viable mining operation.