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LONDON (Alliance News) - Kodal Minerals PLC Tuesday said additional metallurgical testwork at the Kodal project in Norway has confirmed that the site will produce a high-grade phosphate concentrate.
The mining exploration company, which has licences for a phosphate and iron project in Norway and listed on AIM at the end of December, said sample material shows that concentrate grades were broadly in line with expectations.
The company said its phosphate grade dropped slightly to 40.5%, from 41.8%, but its iron grade increased slightly to 63.7%, from 62%, based on the metallurgical testwork.
Kodal said the tests confirm that the site will produce strong phosphate grades and noted that the iron ore grade is also very positive, especially in combination with a reduction in titanium to 5.19%, from 8.7%.
In March, the company announced that it has been granted seven new exploration permits by the Norwegian Directorate of Mining and that basic infrastructure has been put in place to support site activities over the summer.
The firm also said that negotiations are underway with a number of consultants and contractors to undertake environmental baseline studies at the site and it hopes to complete these discussions and sign contracts in a matter of weeks.
Kodal Minerals shares were up 6.7% to 0.720 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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