For its Imaloto coal project in Madagascar, Lemur aims to secure an independent power plant concession, to begin the environmental impact assessment, and to find a joint venture or strategic partner to assist with the development.
It also plans to use its A$16.4 million cash resource to secure one or more mining assets in Africa with a focus on those with either near term production potential or with the chance of a significant resource.
Imaloto has a JORC Resource of 135.7 million tonnes of which 68% is in the high confidence measured category.
It includes a scoping study showing production for domestic and export markets of up to 1.5 million tonnes per year, low Phase 1 capital expenditure of US$12 million, a net present value of US$36 million and a 19 year life of mine.
The project is near the existing port of Tulear and adjacent to proposed Soalara Port, where infrastructure planning is underway to provide a mineral bulk handling export facility.
Bushveld shares rose nearly 9% in early deals to 5 pence each, while yesterday (Wednesday) they surged over 20% after the company unveiled plans to accelerate a potentially world-class vanadium resource at its iron ore project in South Africa.
A new platform, to be called Bushveld Vanadium, will focus on exploiting the resource from the MML (main magnetite layer) part of the multi-commodity deposit in Limpopo province, the firm told investors.
It means Bushveld shares are now starting to recover from a slump in early October in which they lost around half their value as a significant shareholder sold down its stake.