Baobab encouraged by Mozambique test drilling
Baobab Resources, the minerals explorer, says it has been encouraged by results from test drilling at its Tenge site in Mozambique.
Baobab Resources, the minerals explorer, says it has been encouraged by results from test drilling at its Tenge site in Mozambique.
The work so far "has defined broad packages of mineralisation" although the company is still waiting for the analysis results from 23 holes.
Ben James, Baobab's Managing Director, said: "The first round of drill results ... show a strong correlation with the grade characteristics of the Ruoni North and Ruoni South resource blocks. The Tenge resource, due out in March, is expected to push the global resource base well beyond Baobab's targeted 300Mt which will allow scope for ramping up production."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares in the firm had fallen 1.25% by 11:49am, after opening up nearly 5%.
Over the last year the stock has dropped 20%.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
High earners underestimate how much they need to retire comfortably
High net worth individuals grossly misjudge how much money they need for a comfortable retirement, new data shows, with many not saving enough.
-
Retired banker who gave wife £80m to avoid inheritance tax won’t face equal split in divorce
Family lawyers say the Supreme Court ruling will have significant impact on high net worth divorce cases