Afferro Mining said that the quality of the direct shipping ore found on its Nkout deposit in Cameroon further enhances its viability.
Culled from 5 tonnes of direct shipping ore material, underlines why potential suitors are interested in Nkout.
The mine developer said that this month it is in talks with potential partners interested in taking a stake. However, these talks may even lead to a bid for the entire company.
The DSO product achieved using a simple scrubbing attrition process was 63.4% iron with low levels of what are described as deleterious materials.
Afferro said that the metallurgical test work on the rump, bulk tonnage magnetite deposit is due in January, paving the way for a pre feasibility study to begin on the 2 billion tonne Nkout project.
Mr Luis da Silva CEO of Afferro said that "The quality of the direct shipping ore we have identified at Nkout further enhances the viability of the project and underlines our confidence in its continuing development.
Mr Silva said that "This progress has been acknowledged by the government of Cameroon, which now classifies Nkout at project level having been promoted from exploration level, highlighting its strategic importance to the country."
He said that "The test work implies that the first stage of direct shipping ore production at Nkout should be low cost, with low capital intensity, yielding a high grade product of 63.4% iron with low deleterious materials."
He added that "This early, low capex stage of production will be examined in the pre feasibility study, commencing in the Q1 of next year."
