Australia-based
iron ore explorer Baobab Resources has announced an additional 159 million mt of
iron ore resources in the Tenge area of the Tete
iron ore project located in
Mozambique.
Baobab stated that, as a result of the 2011 drilling program, a resource base of 48 million mt at the beginning of the year increased tenfold to 480 million mt, exceeding the company's original target of 300 million mt.
The company commissioned internationally known consulting firm Coffey
Mining to complete an exploration target assessment of the underlying resource potential of the Tenge/Ruoni area.
Baobab also said that it has started the pre-feasibility study with its strategic partner International Finance Corporation (IFC).