Production up and running at Mowana

Production up and running at Mowana

Alecto Minerals has announced that production is ongoing on a full-time basis at Mowana Copper Mine in Botswana. This is following the completion of the first blast on 29 April 2017 and a successful trial period, which saw the company produce saleable concentrate up to 28% copper.

To date, over 1 900 tonnes of copper concentrate has been produced, which is sold to Alecto’s offtake partner Fujax Minerals and Energy Limited. “Mowana is now a full-time copper production operation and we look forward to gaining ownership of the project subject to shareholder approval at which point, we believe, our company will benefit from a significant value re-rating. Once effected, we will have taken control of a significant asset which has been subject to more than USD150-million of investment in the past for an acquisition price of approximately USD10-million,” says Mark Jones, CEO of Alecto.

Jones further expressed the delight at the Competent Persons Report (CPR), adding that it demonstrated the compelling economics of the project even without the installation of a DMS. “Even better is that it starts to show the tremendous potential upside available using modern techniques identified by our experienced industry partners. As shareholders can see from our video, there is a hive of activity on site, and having already delivered on our stated operation objective, we look forward to providing further updates in the coming weeks,” he adds.

 

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