Geovic Mining has accepted the final feasibility study for its Nkamouna cobalt-nickel-manganese project in Cameroon.
The feasibility study has been prepared by Lycopodium Minerals and the initial capital expenditure of the project is $617.2m.
According to the study, the project has proven and probable reserves of 68.132 million tons at average grades of 0.26% cobalt, 0.66% nickel and 1.48% manganese, and has a life span of 23 years.
The project will have an annual production of 6,115 tons of cobalt, 3,297 tonnes of nickel and 62,800 tons manganese for the first 11 years.
With completion of this feasibility study, Geovic is planning to secure financing for the project and expects to begin major site construction in early 2012.
The company expects to commence mining operations in 2013 and start commercial production by the end of 2014.