GOLD 1212.33 $/ozChange: -3.93
PLATINUM 1268.50 $/ozChange: -19.50
R/$ exchange 11.20Change: 0.08
R/€ exchange 14.15Change: 0.10
 
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
         
close notification
powered by
Advanced Search
 
 
 
Home
 
Sector News
 
Base Metals
 
Copper
 
 
EXPLORATION
 
BHP to fund further drilling at Zambia’s Mumbwa project – JV partner
PRINT
 
 
Embed Code Close
content
 
12th March 2009
TEXT SIZE
Text Smaller Disabled Text Bigger
 

JOHANNESBURG (miningweekly.com) – Global diversified-miner BHP Billiton will fully fund the next drilling phase of the Mumbwa project, in Zambia, joint-venture (JV) partner Blackthorn Resources said on Thursday.

The Australian company said that BHP Billiton would now have full responsibility for managing and funding all activities associated with the copper/gold project, during this next phase to assess the extend of the mineralisation.

MD Scott Lowe said that much work still remained to fully assess the potential of the Mumbwa project, and said the group was pleased that BHP had decided to fund the next drilling phase, which would be referred to as Phase 3B.

“The next phase of exploration is in good hands,” commented Lowe.

Meanwhile, Blackthorn Resources said that it had completed drilling on Phase 3, and that it had thereby increased its stake in Mumbwa to 70%.

However, in a concurrent transaction, BHP Billiton had elected to amend the JV agreement, and paid Blackthorn $1,1-million to buy a 10% stake.

Blackthorn would then retain a 60% stake, while BHP Billiton would own a 40% interest in Mumbwa.

“With the global financial crisis continues to impact on all aspects of the mining industry, exploration remains a critical part of the mining value chain for the industry’s long-term future,” Lowe stated.

He said Mumbwa had shown “very encouraging” signs.

Blackthorn, which recently changed its name from Aim Resources, also holds the Perkoa zinc mine, in Burkina Faso, and the Mokapane nickel/platinum project in South Africa.

Edited by: Mariaan Webb

 

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login