LONDON (Alliance News) - International Mining & Infrastructure Corporation PLC Tuesday said it has started work on a preliminary feasibility study for the development of the Nkout deposit in Cameroon.
The iron ore mining company said the work on the site follows IMIC's acquisition of Afferro Mining Inc, whose assets included the Nkout deposit, and the signing of definitive agreements with IMIC's strategic partners for the development of the site.
The company said it expects the preliminary feasibility study to be completed in the third quarter 2014.
IMIC said its study will include infrastructure plans which are being developed with its strategic partner African Iron Ore Group along with a consortium of major Chinese companies including railway engineers, manufacturers, producers and iron ore off-takers.
The company said the infrastructure plan is focused mainly on a multi-purpose and multi-user rail line between Nkout and Kribi which could potentially serve other iron ore mining licences in the region.
IMIC said China Railway Eryuan Engineering Group, which will ultimately be responsible for the engineering, procurement and construction contract, is undertaking the PFS elements relating to rail line and port facilities.
Afferro Mining is an iron-ore development company, with a compiled 1.6 billion tonnes at 33.3% iron ore indicated and 900 million tonnes at 30.8% iron ore inferred at the Nkout Project in Cameroon.
The company and its strategic partner, African Iron Ore Group, have been developing links in West Africa and China in order to help achieve IMIC's goal of becoming a pan-African iron-ore company.
IMIC Chief Executive Ousmane Kane envisages huge potential from the acquisition. ?If you unlock Afferro, you unlock many other deposits," Kane told Alliance News in an exclusive interview last year.
IMIC shares were up 0.9% to 29.00 pence Tuesday.
To read the full Alliance News interview with Kane, click here:
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