LONDON (Alliance News) - Ferrex PLC Thursday said it has received a positive exploration update from pit sampling at the Nayega Manganese Project in northern Togo.
The Africa-focused manganese and iron ore development company recently outlined plans for a two-phase development programme at Nayega. The first phase would involve a low-cost 250,000 tonnes per annum open pit mine producing 38% marketable manganese product, with a second phase smelting facility to produce a 74% high-carbon ferromanganese alloy in the medium term.
The company said the latest exploration results from the site have the potential to add substantial value by increasing its JORC code compliant resource.
Managing Director Dave Reeves said Ferrex will conduct additional mapping, sampling and pitting to advance the two target areas which showed the most positive results at Nayega, T48 and T27.
Reeves also said the company is to focus on its manganese assets and developing these towards production in the near term, while continuing to progress with its South Africa and Gabon assets.
Ferrex shares were down 2.4% to 0.87 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.