Mining & Energy
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The British mining company Xtract Resources announced today that it will begin exploration of a new block of gold deposits in central Mozambique thanks to an agreement with another firm already active in the area.
South Africa’s Omnia already operates in Manica province, and the contract between the two companies provides for them installing structures for the processing of alluvial deposits rich in the precious metal.
“The agreement provides for the block to be processed at the nearby Omnia industrial facility,” Xtract said in a statement to shareholders.
The company expects to increase processing capacity, reducing the expected exploitation period to six years.
In addition to Mozambique, the British firm also operates in Chile and South Africa.
Manica province, which borders Zimbabwe, is one Mozambique’s richest in gold and precious stones, attracting mining companies as well as gold miners from neighbouring countries.Source: Lusa
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