Globe Metals & Mining (ASX: GBE) has been granted a two year extension for the Kanyika Niobium Project exploration licence in Malawi, with a further two year option to renew.
The licence covering Kanyika, which spans 607 square kilometres, is now due for renewal on 29 December 2013.
The multi-commodity Kanyika Project, which will begin production of ferro-niobium in 2014, is the company’s main focus.
Globe is currently carrying out a Definitive Feasibility Study on the project, which is planned for completion in December 2012.
Importantly, the company therefore expects to be able to submit an application for a mining licence for Kanyika well before the expiry of the current exploration licence.
Growing Portfolio
Globe is continuing to build its portfolio of prospective licences in Africa with the recently secured option to acquire up to a 90% interest in five additional licences around the high grade ilmenite and vanadium-iron project at Memba in Nampula Province, Mozambique.
The company is already proving the potential of its existing Memba project, in joint venture with Mihandzu Minerals, with previously released rock-chip samples showing very high grades of titanium with additional vanadium, including an average 47% titanium dioxide and up to 0.4% vanadium – which potentially is a valuable by-product.
An additional, separate high grade magnetite zone has also been identified with two samples averaging 66.8% iron.
This acquisition of the adjacent ground offers Globe the opportunity to capture strike extensions.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24367/globe-metals-mining-secures-two-year-extension-of-kanyika-in-malawi--24367.html
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