Management of Jordex Resources (TSE) is evaluating an offer from Anglo American of South America (AMSA) to acquire a majority interest in the Loma de Hierro laterite nickel deposit in Venezuela.
The deposit is owned by a Venezuelan company, 50% owned and managed by Jordex, which acquired the concession in 1991. A drill program was carried out in 1992 to test the reserve interpretation of previous drilling which had established reserves at 23 million tonnes grading 1.8% nickel. Jordex President Brian Hinchcliffe said AMSA completed a preliminary technical and financial evaluation of the deposit before making its offer. “We judge AMSA’s offer to corroborate our own estimations as to the ore grade, size, tonnage, and capital costs required to develop Loma de Hierro into a low-cost nickel producer,” Hinchcliffe said.
The offer will remain confidential until all details have been finalized. Jordex also reported profitable third-quarter earnings of $209,630, or 2 cents per share. This compares to a $2.1-million loss for the same period last year.
Jordex said the positive results represent its first profitable quarter, and reflect increased production levels at its polymetallic operations in Bolivia.
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