Mining

Guinea Bissau: GB Minerals gets CAD 1 million for Farim phosphate

Friday, 24 July 2015 10:48

GB Minerals Ltd, a Canadian mining company planning 25 years of low-cost operation on high grade phosphate in Farim, Guinea Bissau announced on 21 July having received an advance of CAD 1 million from its main shareholder A.B. Aterra Resources Ltd.

The mining company listed in Toronto intends to use these funds to finance its expenditures in the development of the Farim project and to handle, amongst other things, its obligations and financial commitments.

This is a financing operation carrying a 4% p.a. interest rate, maturing on 31 January 2017, which will be refunded through ordinary shares or in cash at the discretion of GB Minerals or A.B. Aterra.

The Farim phosphate project is a world class asset with the potential to produce run-of-mine ore containing 32% phosphate with a recovery rate of 60%.

It holds 64.6 million metric tons of assessed resources, containing ore at 36% phosphate with a recovery rate of minor elements of less than 0.08

GB Minerals, an exploration and development company, set a production target of 1 million metric tons of concentrated phosphate per year in this project located in the North-East of Guinea Bissau.

On the same topic
Fuel imports cost African economies 2-6% of GDP EV adoption could cut fuel use 30-40% by 2030s Infrastructure gaps and high costs slow electric...
ICAO audit cites reforms after 2023 below-standard rating New 20-year aviation master plan targets infrastructure, regulation improvements Nigeria’s...
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
South Africa plans to invest $121 billion in rail modernization by 2050. Freight demand exceeds current rail capacity by over 100 million tonnes...
Most Read
01

Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...

Enko Capital Buys Burger King Côte d’Ivoire in Servair Restructuring
02

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
03

As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...

From South Africa to Egypt: Why Nissan is reshaping its African strategy
04

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
05

Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...

“Private Investors Are Not Philanthropists: Risk Must Be Shared” — Tarek Toko Chabi, BOAD
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.