Sphere moves on Mauritinia mine
SPHERE Investments has announced it is running about two weeks ahead of schedule on drilling at the Guelb el Aouj iron ore project in Mauritania.
The drilling forms the major part of the work program for stage one of the project’s bankable feasibility study.
Drilling is being undertaken by the company’s joint venture Societe Nationale Inustrielle et Miniere – the world’s seventh largest iron ore exporter.
That company had previously undertaken diamond and percussion drilling at the Guelb al Aouj Centre deposit in 1989 and 1990.
Sphere and SNIM plan to develop a new iron ore mine, beneficiation plant and pelletising plant to produce high grade direct reduction pellets for export, based on the three Geulb el Aouj magnetite deposits.
Under the joint venture agreement Sphere will earn up to a 50 per cent stake in the project by funding a $US11 million three-stage bankable feasibility study.