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

Client
Aquila Resources.

Project Description
The Thabazimbi project and Meletse iron-ore deposit have a total Joint Ore Reserves Committee-compliant iron-ore resource of 80.8-million tons, grading 61.1% iron.

With these resources, the project could support a four-million-ton-a-year direct shipping ore operation for domestic and/or international sales.

It is expected that the resource will have the capacity to produce at least 60% of the product as high-grade lump ore.

Value
Not stated.

Duration
Not stated.

Latest Developments
Aquila Resources has entered into a takeover implementation agreement with Baosteel Resources Australia and Aurizon Operations.

The joint bidders for the company announced in July that they would move to wrap-up the takeover, after gaining control of more than 90% of the company’s issued capital.

China’s Baosteel and its partner Aurizon Operations said in a joint statement that the companies would exercise their rights to compulsorily acquire all the remaining shares in Aquila.

Once the transaction has been completed, Aurizon will have a 15% shareholding in Aquila, while Baosteel will own the balance.

Baosteel chairperson Zhihao Dai said that the two companies were looking forward to progressing Aquila’s projects, including the West Pilbara iron-ore project and the Eagle Downs coking coal project, in Queensland.

Zhihao has previously said that the two companies will work towards quickly progressing Aquila’s major assets, with the Aurizon partnership allowing for significant economic benefits in allowing the developments.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Russell & Associates on behalf of Aquila Resources, James Duncan, tel +27 11 880 3924, fax  +27 11 880 3788 or email james@rair.co.za.