ASX/JSE-listed iron ore junior Tawana Resources is rapidly advancing its Liberia-based Mofe Creek iron ore project and hopes to achieve small-scale commercial production in the first quarter of 2016. This would be an impressive achievement considering the company first acquired the project’s mineral reconnaissance licence (285 km²) in January 2012, executive chairman Wayne Richards told delegates at this year’s Africa Down Under conference in Perth, Australia. Laura Cornish writes.

Tawana Resources’ 100% owned Mofe Creek project, approximately 85 km northwest of the capital city of Monrovia, must be what investors and shareholders consider a valuable asset worth advancing up the value curve. Despite current depressed iron ore prices and a market still plagued by finance raising difficulties, the company’s market cap has grown from AUD$8 million to $34.5 million in the last 12 months. According to Richards, it is “all enterprise value”. “The company is being recognised for its project and not its cash position. Enterprise value is 95% of the total value of the company and you can track the strong performance of the share price over the last year. We have also been successful in raising AUD$8.3 million in 2014 to advance the project.”

Advancing with speed
It is common knowledge that companies, particularly junior companies, can take up to 10 years to explore, develop, build and deliver first production from any given project. But this is not the case for Tawana Resources. The company has …

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