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Avenira Ltd

Avenira reveals upgraded phosphorus resource in Senegal

The increase in tonnage has substantially raised the company's confidence.

map of northern Africa
Resource tonnage has increased by 11%

Avenira Ltd’s (ASX:AEV) revised estimate has confirmed a significant increase in the resource tonnage at the Baobab Phosphate Project in the Republic of Senegal.

The new indicated resource tonnage increased by 11% to 34.9 million tonnes at 20.7% phosphorus at Gadde Bissik East, part of the wider Baobab Phosphate Project.

The company plans to use the existing infrastructure and a simple, well established mining and processing method at the project.

Importantly, Avenira has non-binding offtake agreements exceeding its planned annual production.

The increase in tonnage will substantially raise the confidence with which the company can develop its operations and market products to offtake partners.

Avenira has also updated the total inferred resource at Baobab to 156 million tonnes at 18% phosphorus.

The Baobab Project area covers a total of circa 1,553 square kilometres.

Within the Baobab Project area, the Gadde Bissik prospect of about 90 square kilometres was identified during the excavation of water wells in the 1950’s.

Earlier this year, the company secured an $8.8 million finance facility to assist with the final stages of commissioning and ramp-up of the Baobab Phosphate Project.

The mining permit was granted for Baobab in May 2015, and Avenira subsequently acquired 100% of the project from Agrifos in September 2015.

Quick facts: Avenira Ltd

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Market Cap: $7.41 m
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