London, England — MININGREVIEW.COM — 17 June 2010
African Eagle Resources plc “’ a diversified mineral exploration and development company operating in eastern and central Africa “’ has more than doubled the size of the resource estimate at its Dutwa nickel project in Tanzania.
“This is a significant step forward in our feasibility work at Dutwa,” managing director Mark Parker said in a statement.
”The new resource estimate exceeds our expectations, tripling the tonnage and more than doubling the contained nickel equivalent from 345 000 to 845 000 tonnes. Tests by consultants also show that the nickel laterite deposit has favourable characteristics for processing,” the statement added.
“Metallurgical tests have shown that the Dutwa ore is unusually, perhaps uniquely, amenable to acid leaching, with very low acid consumption and a very fast leach reaction compared to other nickel laterites around the world,” the company said.
A preliminary study in July 2009 found that operating earnings over the life of mine would be about US$2.3 billion (R17.25), giving an internal rate of return of around 25%.
The company, listed in London and Johannesburg, is currently working on a definitive feasibility study.