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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (41828)	8/19/2009 10:08:02 PM
From: LoneClone	Read Replies (1) of 194260

Mozambique reclaims abandoned BHP mining project miningweekly.com By: Reuters 19th August 2009 Updated 3 hours ago MAPUTO - Mozambique has reclaimed ownership of the Chibuto heavy sands project after global-miner BHP Billion abandoned it because it was not viable, a Cabinet statement said. BHP, which holds the exploration rights for the $500-million project until October 2009, envisaged an integrated open-cut mining, concentration and smelting operation at Chibuto to produce titania slag and iron, as well as rutile and zircon. But BHP decided the project was not viable at this time and stopped the project at the pre-feasibility stage. The Chibuto heavy sands project is situated in Gaza province 190 km north of Maputo. "The decree declares that Corridor sands project revert to the state after its investors have failed to proceed with the heavy sands project in Chibuto," the statement said. The government said recent studies carried out at the concession showed the mineral sands were of excellent quality. The Chibuto mines are said to have one of the world's largest known heavy-mineral sand ilmenite resource, used to produce titania slag, high-purity pig iron, rutile and zircon.

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