Minemakers phospate study nearly completed

PERTH – ASX-listed phosphate miner Minemakers’ scoping study for its Sandpaper/Meob phosphate project off the coast of Namibia is likely to be completed in the fourth quarter, GM Mike Woodborne said.

Speaking at the Africa Downunder conference on Friday, he stated that the company would complete its current resource development programme in the next two weeks, after which it would undertake further sampling of the project area.Woodborne said that the sampling would go down to 5 m, which would penetrate well below the 2 m boundary that has been researched and established for the resource base. He noted that the data collected from this sampling would further assist in completing the feasibility studies.Minemakers would work on the feasibility study during 2010, and would aim to go to production by 2011.Minemakers was currently in a joint venture with Australia’s Union Resources and black-empowered Tugeni Investments, to develop the 8 000-square-kilometre marine phosphate project.The project has an estimated inferred resource of around 1,5-billion tons, at around 18,7%, and an indicated resource estimate of 73,9-million tons, at 20,57 per cent phosphate.The phosphate would be mined from the seabed on the coast of Namibia and transported to the Richard’s Bay terminal, where it would go through land-based processing. Woodborne noted that the location of the plant would enable Minemakers to focus on exporting the final product, specifically to the American, Asian and African markets.Minemakers acquired fellow Australian junior Bonaparte earlier this year.- miningweekly.com