SA’s Thuthuka invests $10m in niobium project
miningweekly.com
By: Esmarie Swanepoel
19th August 2009
Updated 3 hours ago
JOHANNESBURG (miningweekly.com) – South African engineering firm Thuthuka has agreed to invest $10,6-million in a joint venture to develop the Kanyika niobium project, in Malawi, owned by ASX-listed Globe Metals & Mining.
The investment would fund about 85% of the estimated costs of the bankable feasibility study into the niobium project, which would start immediately. The bankable feasibility study was likely to be completed by December next year.
For its $10,6-million investment, Thuthuka would earn a 25% interest in the project.
“We are very pleased to be working with Globe on this exciting project. We believe there is an excellent synergy between the companies, which will substantially benefit this project,” said Thuthuka MD Bill Pullen.
Globe’s planned production of 3 000 t/y niobium metal, which was expected to start in 2012, would establish the company as the world’s fourth-largest producer of ferro-niobium.
“We are pleased to welcome Thuthuka as partner to the Kanyika niobium project. Both their technical expertise and capital will make a significant contribution to the ongoing success of the project, and keeps Globe on track to start production in 2012,” said Globe MD Mark Sumich.
Niobium is a rare ductile transition metal, used in steel production, super alloy production, and in super conducting magnets. |
