Albidon secures favourable terms with Byrnecut

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Message Jeu 10 Mar 2011 22:34

Albidon secures favourable terms with Byrnecut

By NKOLE CHITALA

ALBIDON Limited has secured favourable new terms with Bynecut offshore for the continued development of the Munali nickel mine in Zambia.

Albidon chief executive officer Jian-Hua Sang said the terms of the extended contract is likely to result in cost savings to Albidon Limited of approximately US$4 million per annum as the rates negotiated are, in totality, more favourable to those achieved in 2008.

“We are happy to extend our agreement with Byrnecut and we are now satisfied with the revised terms.

We expect the revised contract to be between 10–15 percent lower than was previously paid. Clearly this will only help our cash flow,” he said.

Mr Sang said this in a statement released by company secretary David Round in Lusaka on March 10.

He said Byrnecut has worked with Albidon since the inception of the Munali mine and has provided exceptional technical service to the development of this site.

“They are experienced mine developers and have an outstanding production and safety record on site,” he said.

The company is currently actively completing a number of strategy initiatives and reports, and this detail will be made available to the market soon.

Albidon is an Africa-focused exploration and development company with an emphasis on
nickel.

The company has spent the past seven years building a large portfolio of nickel sulphide projects ranging from production stage to grass roots exploration.

In the past year Albidon has largely completed the transformation from junior explorer to nickel mining company.

The company is now part of the ranks of an exclusive group, an independent producer of high quality nickel concentrates from a new greenfields mining project.
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Message Ven 11 Mar 2011 08:46

African Energy Resources drives uranium thrust

African Energy Resources drives uranium thrust with Zambian acquisitions
Friday, 11 Mar 2011

African Energy Resources is boosting African based exposure to uranium with the 100% acquisition of 2 uranium based projects in Zambia. The two projects, Chirundu Uranium and Kariba Valley were initially part of JV with Albidon.

African Energy is funding the acquisition from existing cash reserves with working capital funded by a partial drawdown of the USD 5 million convertible loan facility with Macquarie Bank.

Uranium has already been discovered with Chirundu containing the Njame and Gwabe deposits, which collectively contain a total of 11.1 million pounds in U3O8 in Measured, Indicated and Inferred Resources.

African Energy is looking to move the acquisitions forward quickly, and is evaluating a number of additional exploration targets at Chirundu and Kariba Valley tenements with the aim of boosting the resource. A Pre Feasibility study was completed at Chirundu in May 2008 which gave African Energy a 70% interest in the project.

Following this in 2009, there was a further boost to the project when the Zambian Ministry of Mines and Minerals Development granted a Large Scale Mining Licence for the development of Chirundu.

At Kariba Valley, which was the company's second JV with Albidon and prior to acquiring the 100% interest, African Energy held 30% stake and could have earned up to 70% interest by completing Pre Feasibility study and delivering an Indicated resource. Already at the project, numerous targets have been identified which African Energy said require systematic evaluation to prioritize for drilling.

Kariba is strategically located about 250 kilometers from Lusaka by road and 50 kilometres south west of Denison Mines tenement which contains the Dibwe and Mutanga uranium deposits.

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