Name and Location
Bushveld iron-ore project, Limpopo, South Africa.

Client
Bushveld Minerals.

Project Description
The Bushveld project is based on three adjacent new-order prospecting rights on 12 farms, covering an area of 25 207 ha.

A Joint Ore Reserves Committee- (Jorc-) compliant resource of 770-million tonnes contained in two of the deposits has been established, comprising 718-million tonnes in the P-Q zone and 52-million tonnes in the vanadium-rich main magnetite layer.

A scoping study has been completed on the larger, but lower-grade, iron and vanadium P-Q zone, equating to 12% of the total Jorc resource. The study highlights a low capital expenditure (capex) and product route at a base case run-of-mine of five-million tonnes a year.

There is scope for project mining volumes to be ramped up to seven-million tonnes a year, given that the scoping study uses only 12% of the current resource, which is based on only 5.5 km of a potential 18 km strike. This is subject to a rail infrastructure capacity study being undertaken.

The project also offers opportunity for downstream beneficiation.

Value
The project has a low capex of $126-million.

Capex for a seven-million-tonne-a-year operation is estimated at $153-million.

Duration
Bushveld aims to start production in 2016.

Latest Developments
A study on the economics of the higher-grade, but smaller, iron and vanadium zone will be undertaken in the prefeasibility study phase.

The feasibility study has started and is expected to be completed by the end of 2014.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Bushveld Minerals, tel +27 11 268 6555 or fax +27 11 268 5170.