JOHANNESBURG (miningweekly.com) – Johannesburg- and London-listed African Eagle Resources on Thursday started raising up to £8-million to fund the technical definition phase at it flagship Dutwa nickel project, in Tanzania.
The phase formed part of Dutwa’s bankable feasibility study, which was expected to be complete at the end of 2012.
The company said last month that it was pursuing an “aggressive” development timeline for the project, which was currently expected to cost $600-million.
Initially, the mine, which would have a 20-year life, would produce about three-million tons of ore a year. Production could be ramped up further should it prove viable to do so.
The nickel deposit, which comprises the Wamangola Hill and Ngasamo Hill deposits, has a Joint Ore Reserves Committee-compliant resource of 98.6-million tons, at a grade of 0.96% nickel.
The company was placing up to 200 000 000 new ordinary shares to raise the funds.