JOHANNESBURG (miningweekly.com) – Aim-listed North River Resources will continue to prioritise the development of its 1.25-million tons Namib lead/zinc/silver project, in Namibia, North River MD Martin French said on Tuesday.
French pointed out that the asset had the potential to generate meaningful revenues in the near term as well as a highly attractive internal rate of return of 38%, based on the mine development plan (MDP), which was announced in June.
“The coming months will see this potential value translated into more tangible terms following the publication of the feasibility study and the achievement of additional components required in our journey to production, including the grant of a mining licence,” he explained.
Reporting on the company’s results for the six months ended June 30, French also noted that, given the good project economics demonstrated by the MDP, North River had appointed CSA Global and Bara Consulting to elevate the plan to feasibility study status.
During the six-month period, North River had also secured $12-million in project equity funding and received Namibian government clearance for the project’s environmental-impact assessment and environmental management plan.
North River reported a loss before tax of £1.72-million for the interim period compared with a loss of £772 515 for the six months ended June 30 last year.
The company’s cash position at the end of the period was £528 976.