Mark Sumich,
Executive Chairman,
Globe
 
Perth, Australia — MININGREVIEW.COM — 14 April 2010 – Globe Metals and Mining “’ an African-focused uranium and specialty metals resource company “’ has pushed back the completion date of the bankable feasibility study (BFS) for its Kanyika niobium project in Malawi, owing to a disagreement with its South African joint-venture partner, Thuthuka.

Kanyika has a JORC-compliant resource of 56-million tonnes of contained niobium, uranium, tantalum and zircon, and has an estimated life-of-mine of 20 years.

The company statement revealed that Globe and its joint venture partner, Thuthuka, were in disagreement over aspects of the BFS “’ which was initially scheduled for completion in mid-2011 “’ with the result that Thuthuka had advised Globe that it had suspended all work on the parts of the BFS it was undertaking until these matters were resolved. Globe considered that in the terms of the shareholder’s agreement Thuthuka was not permitted to make such unilateral decisions.

It added that the areas of disagreement related primarily to the timing and mode of carrying out the concentrate optimisation programme that had commenced at Mintek, Johannesburg, and the planned 750-tonne bulk sample extraction to feed the concentrate pilot programme.

In addition, Globe had decided that it would no longer use Thuthuka for the hydro-metallurgical test work, which was outside of the scope of the BFS.

“In these circumstances,” said the statement, “the timing for completion of the BFS is now uncertain. As new information becomes available in relation to this issue, the company will update the market,” it added.

Globe executive chairman, Mark Sumich said this was clearly a setback for the project. “We are making every effort to obtain the best outcome for the project and our shareholders, and to get there as soon as possible,” he assured.