Sign up Australia
Proactive Investors - Run By Investors For Investors

Cove Resources receives Finnish government nod for Koivu titanium mining concession

Cove Resources receives Finnish government nod for Koivu titanium mining concession

Cove Resources (ASX:CVE) has been granted the mining concession for the Koivu titanium project from the Finnish government, marking a milestone for the development of the project.

The grant of the concession has set in motion a community consultation period, which is likely to be finished on 27 May 2013.

Cove acquired the Koivu titanium project last July for a total consideration of about A$11.2 million.

The project area hosts five titanium deposits, with aggregated JORC indicated and inferred resources for two of the deposits totaling 68.7 million tonnes at an average of 7.5% titanium dioxide.

The JORC resource is more than twice the resource required for the current mine plan of 20 year mine life processing 1.6 million tonnes per annum.

The other three deposits are yet to be drilled to JORC standards.

The company expects to obtain environmental approvals next year.

A positive scoping study completed last year indicated an NPV of US$131 million with an IRR of 32%.

The company recently received the final approval of a $5 million debt facility from RMB Resources that would pave the way for the start of work on the Koivu feasibility study.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Register here to be notified of future BID Company articles
View full BID profile View Profile

BidEnergy Ltd Timeline

June 28 2017

Related Articles

February 28 2017
Last week, Royal Road brought in C$3.6mln to finance its Colombia plans and anticipated operations in Nicaragua
July 12 2017
Harvest Minerals is now completing tests on KPfértil and should secure full certification by the end of the year
February 24 2017
Paul Donaldson discussed with investors the Tier 1 Colluli Potash Project.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use