15 September 2009
Gauteng engineering firm Thuthuka Group Limited (TGL) has entered into a formal joint venture agreement with Globe Metals & Mining over Globe's Kanyika Niobium Project in Malawi.
TGL is to invest $US10.6 million into the project, which will fund around 85 per cent of the bankable feasibility study. The contribution will earn TGL an immediate 25 per cent interest in Globe's wholly owned African subsidiary, which is the holder of the project. TGL will fund the metallurgy and process design, mining, social and environment, infrastructure, procurement management, power plant study and design, as well as the transport and logistics study aspects of the BFS. The work can be carried out by TGL or a third party.
"We are very pleased to be working with Globe on this exciting project. We believe there is an excellent synergy between the companies, which will substantially benefit this project," said TGL managing director Bill Pullen.
Globe managing director Mark Sumich said TGL’s involvement was a testament to the technical and financial merits of the project. "Both their technical expertise and capital will make a significant contribution to the ongoing success of the project, and keeps Globe on track to commence production in 2012," he said.
Globe will fund the remaining 15 per cent of the bankable feasibility study, which includes the geological work and marketing and off-takes. The study is set to begin immediately, with completion scheduled for 2010. TGL is to complete its components no later than April 2011.
TGL is a world class multi-disciplinary engineering company that brings extensive technical expertise that is extremely relevant to the project, including metallurgical processing, acid handling, process and civil engineering, and water and chemical treatment knowledge and experience.
Globe Metals & Mining is an African-focused uranium and specialty metals resource company. Its main focus is the multi-commodity (niobium, uranium, tantalum and zircon) Kanyika Niobium Project in central Malawi.
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