Baobab Resources expands global resource inventory in Mozambique

Baobab Resources has expanded its iron ore resource inventory to 725m tonnes at its Tete project in Mozambique.

Baobab Resources has expanded its iron ore resource inventory to 725m tonnes at its Tete project in Mozambique.

The mining group added around 60m tonnes to the global resource and has upgraded 152m tonnes up into the 'indicated' resource category.

The upgrade includes 550m tonnes at the 2.5km2 Tenge/Ruoni prospect.

The company is very pleased to announce the expansion of the global resource inventory to 725Mt," Managing Director Ben James said.

"The Tenge/Ruoni prospect's compact 2.5 square kilometre footprint now hosts over half a billion tonnes of iron ore grading 36.4% iron, sufficient to underpin a large scale, vertically integrated pig iron operation over a significant life of mine.

"Of particular encouragement is the high conversion rate of 85% from inferred to indicated mineral resources on the Ruoni North resource and the plus 70m tonnes defined so far at Tenge."

Infill drilling has also been completed at the Ruoni South resource block, with results yet released.

Shares fell 1.29% to 28.75p at 11:43 Thursday.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Central banks want politicians to take charge – but what will they do?
US Economy

Central banks want politicians to take charge – but what will they do?

The US Federal Reserve has come to the end of the road in terms of what it can do to accelerate any recovery, says John Stepek. It's over to the polit…
17 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020