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LONDON (Alliance News) - Jangada Mines PLC is on track with its Pedro Branca feasibility study after completed successfully hydrology studies.
Pedro Branca, a platinum group metal and nickel project, is located in north-eastern Brazil. Jangada also owns the Ptombeiras West vanadium project, in north-eastern Brazil as well.
Hydrology studies have showed there are "readily accessible" supplies of water, including two major dams, for the Pedro Branca project, with a low risk of water going into production pits.
Jangada is nearly done with the metallurgy, environment, legal, and social aspects of Pedro Branca's feasibility study, and once this is finished it can start designing the mine.
Executive Chair Brian McMaster commented: "The feasibility study for the Pedra Branca project, to further confirm its technical and economic viability, is progressing on track and according to the schedule previously outlined, with anticipated completion during second quarter 2019.
"The hydrology study was an integral component of confirming the technical viability of this exciting asset; the positive findings bolster our confidence to continue to expedite development at the project. We look forward to updating shareholders with our progress soon."
Shares were 0.2% lower on Monday at a price of 2.12 pence each.