Total
0
Shares
Tombador Iron (ASX:TI1) steps closer to production in Brazil
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • With the construction of its Tombador Mine now complete, Tombador Iron (TI1) is looking to begin production in the second quarter of this year
  • After being successfully commissioned and tested with ore, the site's crushing and screening plant is ready for operations and has a capacity of 400 tonnes per hour
  • The first blast has also been fired as part of pre-stripping operations, removing overburden and providing access to the outcropping ore
  • Site inspection by the environmental bureau of the state of Bahia will now take place, which is the final step in securing an Operating License
  • Tombador Iron is up 8.79 per cent to 9.9 cents per share

With the construction of its Tombador Mine now complete, Tombador Iron (TI1) is looking to begin production in the second quarter of this year.

Located in Bahia State, eastern Brazil, the wholly owned project's crushing and screening plant has been successfully commissioned and tested with ore and is now ready for operations with a design capacity of 400 tonnes per hour.

The site's first blast has also been fired as part of pre-stripping activities designed to remove overburden and provide access to the outcropping ore from the main orebody.

The milestone achievements follow the recent approval of a feasibility study on December 1, 2020, by the National Mining Agency, and Tombador is now waiting to be granted a Mining Concession by Ministry of Mines and Energy.

"Now that the key mine infrastructure is constructed and commissioned, we are ready for the site inspection by the environmental bureau of the state of Bahia," said Gabriel Oliva, CEO of Tombador Iron.

"This will be the final step in the approval process for the Operating License and gives us confidence we are on track to meet our target of first production next quarter," he added.

Once the Mining Concession and Operating License have been received, Tombador will be able to operate the mine and sell both lump and fines to Trafigura, pursuant to a February 4 agreement.

According to the agreement, Trafigura — part of the Singaporean multinational Trafigura Group — will purchase 100 per cent of the high-grade lump and fines iron ore mined from the Tombador Project that is sold into the international export market.

Tombador Iron is up 8.79 per cent to 9.9 cents per share at 2:27pm AEDT.

TI1 by the numbers
More From The Market Herald
Sabre Resources (ASX:SBR) to raise more than $982k to fast-track exploration

" Nagambie Resources’ (ASX:NAG) convertible notes issue yields more

Nagambie Resources (NAG) has raised an additional $900,000 through the issue of Series 9 unsecured convertible notes.
Yandal Resources (ASX:YRL) - Managing Director, Lorry Hughes (centre) - The Market Herald

" Yandal Resources (ASX:YRL) receives new AC results from Gordons Dam

Yandal Resources (YRL) has received new aircore (AC) results from multiple prospects within the Gordons gold project.
Riversgold (ASX:RGL) farewells Alaskan assets for A$2M

" Riversgold (ASX:RGL) farewells Alaskan assets for A$2M

Riversgold (RGL) has sold its Alaskan assets for US$1.5 million (nearly A$2 million) to Mamba Minerals.
North Stawell Minerals (ASX:NSM) - CEO, Steven Tambanis - The Market Herald

" North Stawell Minerals (ASX:NSM) intersects 46.9g/t gold from Wildwood

Victorian gold explorer North Stawell Minerals (NSM) has intersected up to 46.9g/t gold from the Wildwood Prospect in Victoria.