Message Ven 2 Sep 2011 16:11

Albidon Mine suspends trading on ASX

Albidon Mine suspends trading on ASX
By Business Reporter

ALBIDON Mine, operator of Munali Nickel Mine in Mazabuka, has suspended trading on the Australian Stock Exchange (ASX) following constant operation hitches at the Southern Province-based investment.

According to a statement posted on Albidon website yesterday, the mining firm has requested the Australian Securities Exchange to halt trading of the shares which were trading at AS$ 0.08 each.

Acting Company Secretary Noel McAuliffe said in a letter that his company would only advise on when to resume trading after a major announcement on the operation of Munali Nickel mine which has been plagued with hitches.

He said pursuant to ASX Listing Rules, the directors of Albidon had requested for a trading halt in the securities, pending the release of an announcement regarding operational issues identified at its Munali operations.

“The company requests the trading halt be in place until the time when an announcement is made or the limit imposed by the Austalian Stock Exchange. The company is not aware of any reason why the trading halt should not be granted,” he said.

The Government had in June this year suspended operations at the Munali Nickel Mine for safety after two sink holes were detected to have affected underground ventilation.

Two weeks ago, Mines and Minerals Development director Mooya Lumamba said underground operations would remain suspended until the mining firm complied with the mine safety standards.

After the discovery of the first sink hole, Government ordered the suspension of operations at the mine but another hole was discovered a month later. The company is currently undertaking limited blasting in the areas not affected by the sink holes.

In order to resolve the problem, Mining Plus, the company which originally designed the mine, had been called back to review the mining methods and find a way forward.

Munali nickel had a production target of 900,000 tonnes this year which was to rise to 1.2 million tonnes by next year. Albidon Mine is 50 per cent owned by China's Jinchuan Group Minerals Limited.
Jimbe minerals in K15bn boost
By Business Reporter

JIMBE minerals, a new mining company in Mwinilunga has sourced K15 billion for its new mining operations, the firm’s chairperson Chilufya Kazenene has said.

Mr Kazenene said in an interview that the exploration works would take two years, during which time more than 200 jobs for the local people in Mwinilunga would be created.

He said the exploration works were aimed at possible identification and quantification of mineral deposits in the area.

Mr Kazenene said the exploration activities would be conducted by local geologists who were also shareholders of the company.

He said activities of the project would include filing, soil sampling, pitting, trenching and coal drifting. Mr Kazenene said the mining project would demonstrate that Zambians were able to spearhead a mining project even without foreign assistance.

He said three contractors had so far been hired to offer different services during the exploration exercise. He said J.A consultancy of Lusaka would do proposals for environmental impact assessment, Azurite mining and Water Resource Limited of Lusaka would do geo-physical works.

The exploration exercise would also support about five students from the University of Zambia doing Geo-Physical programmes as part of community development work.

Mr Kazenene said the project had brought excitement among the people of Chief Nyakaseya of Mwinilunga which is the border chiefdom with Angola.