IGE Resources has entered into a contract mining agreement with Frontier Mining Projects for its Bakerville diamond mine in South Africa.
The agreement enables IGE to ramp up the Bakerville mine operation towards diamond production and cashflow generation without further investment.
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Initially, Frontier Mining will take over and continue bulk sampling operations of the underlying geological formations, alongside ore dressing studies, to finalise designs for large scale processing plants, to tackle both potholes and surface deposits.
These results will allow the ramping up to full production over the next two years through the construction of two additional processing plants.
IGE will maintain the current ownership structure of the Bakerville mineral rights, while Frontier Mining will provide the necessary equipment and personnel and operate the mine.
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By GlobalData
