Byrnecut Mining International has been selected by Albidon Zambia as the mining contractor for the Munali Nickel project. Initial production is still on schedule to begin mid 2008.
The greenfield mining project is being developed close to the Munali hills, south of Lusaka. Byrnecut Mining is an Australian mining company, active in long-term mine development and production contracts, supplying management, labour, equipment and materials. Their activities cover both gold and base metals operations.
Total project costs are estimated at US$2.2mn, and Albidon Zambia has provided a capital contribution of US$1.6mn. Earlier in the year, The European Investment Bank and Barclays Capital approved a senior debt finance facility of up to US$60mn for the project, with EIB providing US$40mn and Barclays providing US$20mn (See GTR eNews October 11).