BCL owns mining and smelting operations.
The joint venture is moving to a BFS with the view of applying for a mining licence to mine the Maibele North as an open pit.
Exploration will continue to evaluate the potential of underground mining.
The joint venture aims to complete the BFS and lodge a mining license and EIA study by early 2017.
Joint venture stakes
Botswana Metals said that following a joint venture meeting last week to review the results of the PFS prepared by WorleyParsons, BCL advised the company that it had surpassed the joint venture requirements to fund $4 million of exploration.
BCL also elected to continue with the joint venture.
BCL has earned an initial 40% in the three prospecting licenses of the joint venture, and by electing to fund the BFS it will take management rights over the project development and earn a 70% interest in the licenses after completing the BFS.
The BFS will determine the optimum route to mining.
Analysis
The Botswana Metals board said that it is pleased with BCL’s decision to continue to a BFS.
Subject to a favourable result from the BFS, it is expected that mining could commence as early as 2017.
Read the press release here.
Timeline
Botswana Metals starts exploration for nickel sulphides
Overview of Exploration Prospects – Botswana Metals – Maibele Property – VTEM dbdt Tau image