Kanyika gets mining licence
ASX-listed Globe Metals & Mining has been granted a large-scale mining licence for its $250-million Kanyika niobium project, in Malawi.
Over its 23-year mine life, Kanyika is expected to produce some 260 000 t of niobium and tantalum concentrate at about 11 300 t/y. The concentrate will be transported to a refinery for processing into a marketable product, where high-purity, high-quality niobium and tantalum products will be produced to customer specification.
The Kanyika mine site is expected to require a capital investment of $200-million over a 24-month development period, with the refinery requiring a capital investment of $50-million.
A feasibility study estimated that the project would generate revenues of some $5.6-billion over its mine life, have a net present value of $1-billion and an internal rate of some 50%, with a payback period of 1.5 years.
“This is a momentous achievement for the Republic of Malawi and its people, the Kanyika community, the company and the Kanyika project. The grant ushers in a new era for the Malawi mining industry with the first-ever award of a large-scale mining licence under the new Mines Act,” said Globe MD Alistair Stephens on the grant of the mining licence.
“Work does not stop with the grant of the mining licence. In fact, the real work starts now. We expect that the Malawi government will soon execute our development agreement, and then our focus will shift to offtake and financing.
“The Kanyika niobium project will be an important project, using state-of-the-art technology for a state-of-the-art metal.”
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