Xtract Resources has agreed to acquire dump material from Zambia’s Copperbelt for $300,000, funded by its cash reserves. The material will be purchased at $1.15 per tonne, with evaluation planned to determine its viability for processing. This move aligns with the exploration of resource opportunities from previous copper mining operations in the area.
Xtract Resources has announced an agreement to acquire dump material from Zambia’s Copperbelt for $300,000, utilizing its cash reserves. The AIM-listed company will purchase the material at $1.15 per tonne, while the seller is responsible for any applicable royalties or charges. Xtract intends to conduct trial testing and evaluation to assess this material’s potential for resource opportunities.
The acquisition will involve sourcing material from the seller’s sites, which Xtract will transport for further analyses. The firm aims to perform sampling and evaluation work on the site to ascertain the viability of processing the dump material. Executive chairman Colin Bird emphasized that there are numerous opportunities from past copper mining activities in Zambia for processing these materials.
According to Bird, the agreement allows Xtract to assess the grade, quantity, and treatability of the material, which could lead to future acquisitions based on technical and commercial evaluations. As of this report, shares of Xtract Resources had dipped 3.64% to 0.53p.
Xtract Resources, a company involved in mining operations, is focusing on opportunities within Zambia’s Copperbelt region, known for its rich copper mining history. The Copperbelt is characterized by numerous mineral dumps, remnants from previous mining activities. Acquisition and processing of these materials present potential economic advantages, given the ongoing demand for copper and associated minerals in global markets. Evaluating these dumps can lead to profitable mining ventures if the grade and treatability meet feasibility standards.
Xtract Resources is strategically acquiring copper dump material in Zambia to evaluate its viability for processing, potentially tapping into the ongoing resource opportunities in the region. By understanding the grade and quantity of the material, Xtract aims to make informed decisions on further acquisitions. The strategic move aligns with broader trends in resource recovery and sustainability in mining practices.
Original Source: www.sharecast.com
