Save
PrintTPL Corporation has received Zimbabwe Investment Authority approval to own a 70% interest in African Chrome Fields Ltd.
African Chrome Fields owns a number of high-grade eluvial chrome deposits and a processing plant located along the Great Dyke, Zimbabwe.
TPL intends to restart African Chrome Fields’ first chrome mine and processing plant within the first quarter of 2014, and is continuing a Scoping Study to build a high-grade ferrochrome smelter.
The project consists of 150 chrome mining concessions that cover both eluvial and lumpy chrome deposits.
Existing plant and equipment is capable of processing 30,000 tonnes per month of feedstock to generate 3,000 tonnes of chrome concentrate per month.
Farvic Consolidated Mines, the current owner of the project, will continue to hold a 30% equity interest.
Farvic is aZimbabwean registered company that is compliant with Zimbabwe Indigenisation Legislation.
Under the laws of Zimbabwe, all operating companies must be either 51% owned by indigenous parties or have the capability to be 51% owned.
TPL is to fund all exploration and development costs, and Farvic has the right to claw back a 21% equity interest in African Chrome Fields via the purchase of shares from TPL.
TPL is also required to make its equity investment by 30 June 2014 and provide quarterly updates to the Zimbabwe Investment Authority on the development of the existing assets and future ferrochrome smelter.
Interestingly, TPL also holds 800 square kilometres of acreage in Western Australia's Canning Basin, where Buru Energy and Mitsubishi Corp (TYO:8058) have had recent oil exploration success.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
- [Editor:editor]
Daily News
Research
Magazine
Company Database
Customized Database
Conferences
Advertisement
Trade
Online inquiry
Contact
Tell Us What You Think