MTR.L Share News (MTR)

(Sharecast News) - Strategic natural resource investor Metal Tiger updated the market on its joint venture project with partner MOD Resources in the Kalahari Copper Belt in Botswana on Tuesday, reporting that the T3 mine feasibility study was progressing "well within budget", and was due for completion in March.The AIM-traded firm owns 30% of the project, with 70% being held by MOD Resources.It said metallurgical test work results had identified capital and operational cost savings over the pre-feasibility study, and added that Botswana Power Corporation had begun regional electricity grid infrastructure building, including a power line which was due to pass within 12 kilometres of the planned T3 mine site.The first stage of the T3 accommodation village was now complete, with further expansion planned.Scope and terms of reference for the T3 Environmental Social Impact Assessment had been approved by the Botswana Department of Environment Affairs, the board confirmed, with the report due in the fourth quarter.Completion of the feasibility study and approval of the Environmental Social Impact Assessment were required ahead of applying for the T3 mining license, which was anticipated in the first half of 2019."We are delighted to report that the T3 Mine Feasibility Study remains on track to complete in March 2019, with the engineering and design works both on schedule and within budget," said Metal Tiger chief executive officer Michael McNeilly."T3 continues to surprise to the upside and, at each juncture, capitalises our belief that this is a highly economic and significant copper project."The findings of the Feasibility level metallurgical test work are particularly encouraging with the coarser grind metal recoveries supporting a reduction in anticipated capital, operational and power costs versus the pre-feasibility study stage model."