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Xtract Resources updates on Manica contractor operations

The Manica project is advancing, with contractors making progress on site
Mining truck
Chairman Colin Bird expects orders will be placed next week.

Xtract Resources PLC (LON:XTR) gave investors an update on its contractor arrangements at the Manica alluvial project.

The company highlighted that all of Omina Mining’s earthmoving equipment is on-site already, and two thirds of Omnia’s plant equipment is on site and installed. Almost one third of the first two Omina settling dams has been completed, it added.

Xtract noted that sub-soil is currently being removed for key installations and infrastructure, and initial mining is expected to start before the end of August. A second 200 tonne per hour plant will be ordered from China, the company said.

READ: Xtract Resources to end loan note facility after raising funds

Colin Bird, Xtract chairman, in a statement, said: “Both contractors are progressing favourably with Omnia showing a robust approach towards its production objectives.

“The plant delivered to site is expected to be able to process considerably more tonnes than the contract allows for.

“Shareholders should be aware, that whilst plant capacity is important, statistics of overburden stripping and reclamation are extremely important for successful results and Omnia production plans have been well formulated to address this issue.

“Next week, Sino Minerals and the company will be working to develop a mine plan which addresses the logistical issues previously referred to.”

Bird highlighted that Xtract has finalised monitoring arrangements, and it intends to balance on manpower and technology to ensure minimum capital and operating cost with good security coverage.

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