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Albidon secures favourable terms with Byrnecut
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.