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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.

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