Equatorial awarded iron-ore mining licence in Congo
PERTH (miningweekly.com) – Junior Equatorial Resources has been granted a mining licence over its Mayoko-Moussondji iron project, in the Republic of Congo.
The ASX-listed company said on Monday that the approval of the mining licence followed the submission of an application in December last year, which included a detailed feasibility study, an environmental- and social-impact assessment, community development plans, and the completion of a technical review by government agencies.
CEO and MD John Welborn said that the approval of the mining licence demonstrated the government’s support for Equatorial and for the Mayoko-Moussondji project.
“Securing the mining licence is an extremely positive step in the development of the project and puts Equatorial in a strong position to advance discussions and negotiations with potential partners and financiers,” Welborn added.
Equatorial was now hoping to complete the mining convention agreement as soon as possible.
The Mayoko-Moussondji project currently has a resource of some 917-million tonnes at 31.4% iron, which included a hematite resource of 182-million tonnes at 35.7% iron.
The mining licence included the entire mineral resource and covered 615.5 km2, or around 62%, of the existing exploration licence. Under the mining licence, Equatorial had the exclusive right to mine the area for an initial 25-year period. The licence could be renewed for a further 15 years, subject to further application.
Stage 1 of the project would see the development of a 500 000 t/y operation, based on the hematite resource, while Stage 2 would see the project ramping up to two-million tonnes a year within 18 months.
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