Cambior, Mazarin add to reserves at Niobec

Cambior (CBJ-T) and Mazarin (MAZ-T) have upgraded more resources into reserves at their equally owned Niobec niobium mine in Quebec.

Proven and probable reserves now total 18.2 million tonnes grading 0.68% Nb₂O₅, compared with year-end-2000 reserves of 11.5 million tonnes at 0.73% Nb₂O₅ and resources of 4.8 million tonnes at similar grades.

The partners say that reserves were increased not only through drilling but also by re-evaluating data that takes into account lower production costs and higher recoveries based on a rock-mechanics study performed by independent experts.

The partners also note that more than 90% of reserves are situated above level 1450 in the mine, and can be mined using existing underground infrastructure.

At the current mining rate, the new reserve base provides for a 16-year mine life; however, the partners are confident that reserves can be further expanded at depth.

For the fourth quarter of 2001, Niobec produced 860 tonnes of niobium — a significant increase over the same period in 2000 owing to mine expansion.

For all of 2001, production totalled 3,006 tonnes of niobium while sales totalled 2,760 tonnes.

This year at the mine, production levels should be similar to 2001, and capital expenditures are budgeted at about US$2 million.

Cambior and Mazarin are now studying the possibility of boosting mining rates by another 20% in order to maintain global ferroniobium market share.