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African Eagle limits ops to Tanzania nickel project

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Invisible, Jan 9, 2009.

  1. Invisible

    Invisible Admin Staff Member

    Jan 9, 2009
    Joined: Feb 11, 2006
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    Minerals explorer African Eagle Resources Plc (AFE.L) said on Friday it would restrict its active operations to the Dutwa nickel project in Tanzania and seek partners for some other projects due to funding issues.

    It would place other advanced projects of merit on care and maintenance, and exit many of its early stage projects as parallel development of multiple exploration projects using its own funds is not sustainable, the company said.

    "The board's duty now is to ensure that African Eagle continues as a going concern," Chairman John Park said in a statement.

    The company said it would review and renegotiate all services contracts and cut its operating costs and overheads sharply to "see out this difficult period", while advancing the Dutwa project to economic evaluation.

    African Eagle, which has 2.5 million pounds of cash in bank, said its directors and senior managers would take voluntary pay-cuts in view of the economic crisis.

    The Dutwa nickel discovery had added about $4 billion of metal in the ground to the company's account within the past six months, African Eagle said.

    The company, which operates in Zambia, Tanzania and Mozambique, said it would continue to explore other promising nickel laterites like Zanzui in Tanzania, but deferred a project development decision on Mkushi Copper Mines in Zambia.

    At 0907 GMT, African Eagle shares were indicated down 6 percent at 2 pence.

    (Reporting by Usman Merchant in Bangalore; Editing by Gopakumar Warrier)

    Source: Reuters of Jan 9, 2009
  2. Economist

    Economist Member

    Jan 9, 2009
    Joined: Dec 25, 2008
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    Naona makali ya msukosuko wa uchumi Duniani yameshaanza kukata nchini mwetu.
    Sasa sijui hao partners watapatikana kweli katika kipindi hiki?