JOHANNESBURG (miningweekly.com) – Coal and uranium explorer Atomic Resources will complete a bankable feasibility study (BFS) for the Ngaka coal project, in Tanzania, in early 2010.

The company said in a statement on Friday that most of the key elements of the BFS had now been completed and the outstanding elements were expected to be finalised within a few weeks.

“The release of the BFS will mark a major milestone in Atomic’s brief history and provide an excellent opportunity for a market rerating,” said company GM Ray Bailey.

Bailey further expressed his confidence that the mine development work at the project could start within 12-months of the completion of the BFS.

Meanwhile, seasonal rains in Tanzania have prevented the company starting an initial 300-t bulk sampling programme, however, the bulk sampling would start as soon as the ground had dried sufficiently to allow heavy vehicle access.

Atomic noted that the bulk sampling programme was expected to take about one-month to complete, and washable coal samples should then be available for testing by potential customers.

The explorer noted that assuming the results of the initial bulk sampling programme was acceptable, the company anticipated starting formal discussions with potential domestic and international customers, and finalizing a review of plant equipment requirements soon afterwards.