The Ncondezi Coal company has updated its estimated coal reserves at the Ncondezi project in Mozambique’s Tete province, to 4.655 billion tons, which is more than double the estimate of 1.809 billion tons announced in February 2010.
According to a statement issued Tuesday in London, the update to reserve estimates includes resources in the project’s previously excluded blocks of Ocidente, Oriente and Rio, which have now been included as part of the economic feasibility study that the company expects to finish by the third quarter of 2012.
Thus, the Oriente block contains 716 million tons and the Ocidente and Rio blocks contain inferred reserves of 1.203 billion tons and 898 million tons, respectively.
In the statement, Ncondezi Coal said that the reserves were at less than 250 metres from the surface, which made it possible for the mine to be an open air mine.
Ncondezi Coal is headquartered in London and its business focuses on exploration and development of coal resources. It has four coal prospecting and exploration licences in Tete province, in the Zambezi basin, covering an area of over 73,000 hectares. (macauhub)