Lorry Hughes, CEO of South Boulder Mines, tells Proactive Investors that his main focus is to getting to potash production in Eritrea. South Boulder Mines is aiming to leapfrog the pack to become a major potash producer. The company has the world’s shallowest potash deposit.
The mining industry is apparently focusing hard on Eritrea again and Sunridge Gold is now positioned to be the next company to push towards production.
Sunridge’s peer company, Nevsun Resources is currently building the first modern mine in Eritrea and is nearing completion of the Bisha gold-copper-zinc VMS project. The mine construction is on schedule and the first gold pour is now expected before the end of 2010. Nevsun’s market cap is now approximately $1.17 billion. Continue reading Is Sunridge the Next Nevsun?→
Perth-based Chalice Gold, exploring for gold in Eritrea, listed on the TSX on Friday, and chairperson Tim Goyder predicted its Zara project would have a capital payback period of “slightly over two years” at a $1 200/oz gold price.
According to a feasibility study, the Koka deposit at Zara would produce an average 104 000 oz/y with low cash operating costs of $338/oz and an initial mine life of seven years.
“With these robust economics, Chalice has, in cooperation with the Eritrean government, commenced the permitting process for the Koka project to facilitate the grant of a mining licence to enable development to commence during 2011,” Goyder told shareholders on Thursday at Chalice’s annual general meeting in Perth. Continue reading Eritrea: Chalice Gold Listed in Toronto Stock Exchange→