Jangada Mines PLC - London-based mining company focused in Brazil - Says a technical report confirms that there are no impediments to proceeding its mine development at Pitombeiras, Brazil. "There are no legal, technical, or geological impediments to proceeding to mine development, construction, and production, highlights the project's robust economics and excellent potential to become a profitable producer of Ferrovanadium concentrate and Titanium dioxide," the firm says.
Reports "robust economics" inclusive of titanium dioxide, saying project has USD96.5 million post-tax net present value. In the preliminary economic assessment published in February 2021, the project had USD106.5 million post-tax net present value.
Shares of several mining companies were falling on Thursday afternoon. Glencore PLC and Gem Diamonds Ltd are down 4.4% while Antofagasta fell by 7.0%.
Current Jangada stock price: 7.77 pence, down 24% on Thursday
12-month change: down 0.4%
By Tom Budszus; tombudszus@alliancenews.com
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Jangada Mines (JAN)
Glencore (GLEN)
Antofagasta (ANTO)
Gem Diamonds Di (GEMD)