London, United Kingdom, 19 Jan – Baobab Resources said Monday in London it had discovered mining reserves that were substantially more than expected at one of its concessions in Tete, Mozambique.
The company is prospecting for vanadium (magnetite) and titanium (ilmenite) at its concession, known as Zona Sul, which covers an area of 632 square kilometres next to the coal concessions of Brazil’s Vale and Australia’s Riversdale Mining.
In a statement published on its website, the company’s chief executive, Ben James, said that the results of prospecting in the northern area of the concession made it possible to conclude that existing reserves are higher than previously expected.
Baobab Resources is listed on the London Stock Exchange AIM index and has other concessions in Mozambique, including a partnership with North River Resources for mining at Muande mountain, also in Tete province, in search of magnetite, phosphorous, uranium and gold. (macauhub)