Minemakers pulls the trigger on Baobab
PERTH (miningweekly.com) – The board of junior Minemakers has decided to start mining at the Baobab phosphate project, in Senegal, just a day after receiving the final governmental approval for the project.
Minemakers said in a statement on Thursday that internal assessments were prepared on the Baobab project, enabling the company to fast-track a decision to mine without the cost and time delay involved in undertaking a more formal feasibility study.
The project was expected to require a capital investment of $15-million, with Minemakers saying the sedimentary mineralisation and the simple flow sheet had resulted in a low capital expenditure project, which could be committed to sequentially.
Assuming that Minemakers completed a transaction with Senegal’s Mimran Natural Resources, which could result in a A$15.6-million direct investment into the Baobab project, the project would be fully funded to production.
“Over the past almost two years, Minemakers has systematically accumulated sound knowledge on the project, ranging from geology through to infrastructure and logistics,” said MD and CEO Cliff Lawrenson.
The decision to start mining would allow Minemakers to initiate water drilling and place orders for the wet screening plant, allowing the mine to be in production by the second half of 2016.
“After securing all the required approvals, we are now in a position to move forward in a manner we believe to be prudent to commence water drilling and securing long-lead-time capital items,” Lawrenson said.
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