Afferro Metallurgical Test Results At Ntem
Edison | May 02, 2013 06:10AM ET
Afferro (AFF.AIM) released positive metallurgical test results at Ntem, with both Davis Tube Recovery (DTR) and Low intensity magnetic separation (LIMS) testworks showing the project could deliver a premium concentrate with high mass recovery and low deleterious elements. The results suggest Ntem is likely to have robust economics, which, coupled with the project’s favourable location, increases its chances of being brought into production.
Both DTR and LIMS test works show that the project’s magnetite ore could be sufficiently upgraded to produce a premium concentrate with high mass recovery and low deleterious elements. A pilot-scale LIMS test on a 15kg composite sample yielded a 65-69% Fe concentrate at an impressive mass yield of 44-47% from a coarse grind size of 75 to 150 microns. The combined alumina (Al) and silica (Si) content ranges from 4.4% to 8.8%. DTR testwork was consistent with LIMS results, in that it delivered a concentrate averaging 71% Fe with very low deleterious elements (combined Al and Si of just 2%) at an average mass recovery of 42% and a grind size of 80% passing 45 microns.
All in all, the metallurgical test results are positive as they point to the project’s strong economics, which, coupled with Ntem’s favourable location (just 80km from the deep water port near Kribi), increases its chances of being brought into production. Afferro confirmed it is on track to complete a maiden NI 43-101 compliant resource estimate and an infrastructure scoping study at Ntem in Q213. This, as well as the expectation of the potential offer from IMIC and a possible cooperation agreement with POSCO, should be supportive of the stock, which continues to trade at an undemanding EV/resource multiple of just US$0.03/t.
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