Perkoa capital request hits Blackthorn shares
PERTH (miningweekly.com) – ASX-listed Blackthorn Resources saw a near 8% slump in its share price on Friday, after reporting that its Perkoa mine, in Burkina Faso, would require another capital investment.
The miner said that its joint venture (JV) partner, Glencore Xstrata, had advised that a further $30-million cash injection would be required for the zinc project, owing to forecast delays in deliveries and export sales.
The project was initially scheduled to ship its first zinc in the third quarter of this year, but this has been pushed back to the fourth quarter, as production at the mine had been affected by unplanned downtime.
Blackthorn’s share of the new capital investment would add up to around A$8-million, the miner said on Friday.
It added that the company was currently in discussions with Glencore on a range of funding alternatives.
In January, Glencore revised the cost estimate for the project to some $260-million, agreeing to provide up to $180-million for the project. The latest cash requirement has taken the total cash cost estimate to $290-million.
The mine was expected to be the largest zinc mine development undertaken in Burkina Faso to date, with the project containing a Joint Ore Reserves Committee-compliant resource of 6.3-million tonnes, grading 13.9% zinc for some 873 400 t of contained zinc metal.
The project would deliver some 170 000 t/y of concentrate material over a 9.5-year life-of-mine.
Blackthorn traded at A$0.24 a share on Friday afternoon
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