High-grade phosphate deposit found offshore

AUSTRALIAN mining company Bonaparte Diamond Mines NL has announced a substantial find of high-grade phosphate deposits off the coast of Namibia.

The discovery was made at the Sandpiper/Meob Phosphate Joint Venture situated between Lüderitz and Walvis Bay.
According to an official statement by the company, a 593,4 million tonnes (Mt) mineral estimate containing 18 per cent phosphate was reported in the ongoing sampling process.
This brings the total finds at the area to 789,5 Mt, constituting an almost 300 per cent increase in minable phosphate at the site.
In an official report the company states that ‘results to date are very encouraging and are indicative of a potential major world class phosphate deposit’.
The joint venture, which was signed in 2008, also includes another Australian company Union Resources Limited and Namibian company Tungeni Investments.
The joint venture was entered into to accelerate the exploration and production process. Bonaparte and Union both hold 42,5 per cent in the venture while Tungeni has the remaining 15 per cent.
Together the companies have 6 000 square kilometres under licence with a further 2 000 under application.
The exploration process covers depths between 180 to 300 metres below sea level. Mining is set to start in 2011 at a rate of 3 million tonnes per year.
The sampling process for the area is set to be completed soon and Bonaparte says this ‘represents a major step forward for the project and has given management increased confidence as we move towards taking the project to full feasibility’.