Govt approves R8m grant funding for gold company Auroch
JOHANNESBURG (miningweekly.com) – The South African government has approved up to R8-million in grant funding for the Australia-listed Auroch Minerals, which is developing a gold project in neighbouring Mozambique.
The grant funding, which has been approved under the Department of Trade and Industry’s capital projects feasibility programme, makes up a third of the cost of the definitive feasibility study (DFS) under way at the Manica gold project, 270 km west-northwest of Beira.
It will be paid directly to Basil Read Matomo to cover qualifying engineering services and offset against amounts owing, which will improve the ASX-listed company’s ability to secure project financing from South Africa’s Export Credit Insurance Corporation through the wholly South African government-owned Export Credit Agency.
MD Dean Cunningham, who has headed Auroch since January, says in a media release the DFS is on track to be completed by the third-quarter of 2014.
The London Aim- and JSE-listed Pan African Resources, which invested $19-million in the gold project before Auroch acquired it, has retained a significant shareholding in the nigh three-million-ounce Joint Ore Reserves Committee-compliant resource, within the Odzi-Mutare-Manica greenstone belt, on the corridor that links Beira to Zimbabwe.
Auroch has retained the experienced Pan African exploration team, which has drilled 35 830 m.
Cunningham sees the packaging together of high-returning small projects as the new ideal, against the background of the decline of the number of big gold projects.
This project, which is close to power lines and roads, has access to mining-affiliated migrant labour that has serviced Zimbabwe and South Africa.
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