Baobab Resources, an Australian mining company focused on iron ore projects in Mozambique, has announced that it has added more than 100 million mt to the JORC compliant resource at its iron ore project in the Tete region of Mozambique.
The increase in reserves for the project takes recoverable reserves to 267 million mt from 160 million mt. Baobab Resources had started 2011 with a JORC resource of 48 million mt. The latest increase brings it close to its 300 million mt target which it hopes to achieve by the end of the current year.
The Tete project, covering an area of 632 km2, is located immediately north of the provincial capital of Tete and shares licence boundaries with major coal projects of global mining giants Vale and Rio Tinto.