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baobab resources plc (BAO) Snapshot

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baobab resources plc (BAO) Details

Baobab Resources PLC is engaged in the investigation and analysis of geological opportunities in Mozambique. It primarily explores for nickel, copper, gold, silver, zinc, lead, manganese, vanadium, iron ore, and fluorite deposits. The company’s flagship project comprises the Tete iron ore project that is located in the Tete province of Mozambique. Baobab Resources PLC is based in Fremantle, Australia.

63 Employees
Last Reported Date: 11/13/13

baobab resources plc (BAO) Top Compensated Officers

Managing Director and Executive Director
Total Annual Compensation: 207.3K GBP
Compensation as of Fiscal Year 2013.

baobab resources plc (BAO) Key Developments

Baobab Resources Plc to Provides Measured Resource Estimation of the Tenge Resource Block

Baobab Resources Plc announced to provide the following summary of the Measured resource estimation of the Tenge resource block at the company's 85% owned Tete pig iron and ferro-vanadium project (the 'Tete Project') in which International Finance Corporation hold a 15% participatory interest. Based on the results of infill drilling programmes completed during 2013, international geology and mining specialist, SRK Consulting (South Africa), has concluded a review and reclassification of the Tenge resource block. All work has been completed in accordance with the updated JORC 2012 code guidelines. Geological remodelling has enlarged the Tenge resource by 29Mt to 222Mt, with the following classifications: MEASURED: 156Mt @ 38% Fe & 0.42% V2O5 INDICATED: 66Mt @ 34% Fe & 0.38% V2O5. The Tete Project's global resource base now reports 759Mt (JORC 2004 & 2012), of which 585Mt is defined underlying the 2.5km2 footprint of the Tenge/Ruoni prospect (156Mt Measured, 167Mt Indicated and 262Mt Inferred). All 62Mt of resource material contained within the Tenge starter pit shell, designed during the 2013 Pre-Feasibility Study to underpin the first 20+ years of operation at 1Mtpa pig iron production, has been classified as Measured and reports an average head grade of 39% Fe. The pit shell will be revised and expanded to incorporate additional, previously unclassified, resources during the next phase of pit optimisation, mine scheduling and Reserve classification. The 156Mt Measured resource estimation far exceeds the Company's initial target of resources supporting the first 10 years of operation (c.30Mt). This important milestone is a key prerequisite for furthering meaningful discussion with commercial and development funding institutions. Bench scale smelting and pilot scale reduction test work programmes are making good progress, with an update due shortly.

Baobab Resources Plc Reports Unaudited Consolidated Earnings Results for the Six Months Ended December 31, 2013

Baobab Resources Plc reported unaudited consolidated earnings results for the six months ended December 31, 2013. For the period, the company reported loss from operations before tax of GBP 3,304,341 compared to GBP 4,195,249 a year ago. Loss before tax was GBP 3,266,770 compared to GBP 4,146,042 a year ago. Loss for the period attributable to equity holders was GBP 3,266,770 or 1.26 pence basic and diluted per share compared to GBP 4,146,042 or 1.89 pence basic and diluted per share a year ago. Net cash used in operating activities was GBP 3,153,124 compared to GBP 3,808,349 a year ago. Acquisition of property, plant and equipment was GBP 11,414 compared to GBP 124,805 a year ago.

Baobab Resources plc Provides Update on Initial Drill Results Relating to the Measured Resource Estimation of the Tenge Resource Block at the Company's Tete Pig Iron and Ferro-Vanadium Operation in Mozambique

Baobab Resources Plc provided update on initial drill results relating to the measured resource estimation of the Tenge resource block at the company's Tete pig iron and ferro-vanadium operation in Mozambique. Highlights include: The 2013 drilling campaign was focused on converting the upper portions of the Tenge resource block, representing the first ten to fifteen years of the operation, to a JORC compliant Measured category; International geology and mining specialist, SRK Consulting, have been commissioned to complete the resource estimate by end first quarter 2014; Analytical results have been returned from the first ten reverse circulation Tenge resource drill holes with significant intercepts reporting an average head grade of 42% Fe. These results are substantially higher than the current 36% Fe of the 553Mt combined Tenge/Ruoni resource and in line with the weighted average of 45% Fe reported from channel sampling of two large trenches straddling the enriched summit of Tenge mountain; an anticipated c.17% increase in head grade is likely to result in lower annual run-of-mine tonnages and consequently lower overall mining costs per ton of pig iron produced; Bulk samples collected from the Tenge trenches have been processed at the Mintek laboratories in South Africa and are being despatched, along with bulk coal and carbonate samples, to pilot plant facilities in the USA and Japan for reduction test work; and un-fluxed bench scale smelting test work carried out by CSIRO in 2013 confirmed that a low impurity pig iron product could be produced using Baobab's iron ore and local Mozambique thermal coal. Further fluxed smelting test work is nearing completion and will provide the first empirical data on the composition of the vanadium and titanium slag by-products.


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