LONDON (Alliance News) - Metal Tiger PLC said Tuesday the feasibility projects for the T3 mine at its joint venture project with MOD Resources Ltd in Botswana is "progressing well within budget" and due for completion March 2019.
Metallurgical test work at the Kalahari copper belt in Botswana, which is 30% owned by Metal Tiger and 70% MOD, have identified capital and operational cost savings versus the pre-feasibility study.
"T3 continues to surprise to the upside and, at each juncture, capitalises our belief that this is a highly economic and significant copper project," said Michael McNeilly, chief executive officer.
Metal Tiger said completion of the feasibility study and approval of the environmental social impact assessment is required ahead of applying for the T3 mining licence, which is anticipated in the first half of 2019.
The scope and term of reference for the environmental social impact assessment approved by Botswana Department of Environment Affairs, is due in the fourth quarter of this year.
McNeilly added: "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."
The first stage of the T3 accommodation village has been completed with further expansion planned.
The Botswana Power Corp has started regional electricity grid infrastructure building in the area, including a power line which is set to pass within 12 kilometres of the planned T3 mine site. Metal Tiger said it believes this will aid the mine's infrastructure.
Shares in Metal Tiger were down 2.2% Tuesday at 2.25 pence each.