UK- and Canada-listed exploration and development company African Aura Mining has announced that the inferred iron ore resource at its joint venture (JV) with Russian steel and mining company Severstal's Putu iron ore project in eastern Liberia, West Africa has more than doubled to 2.4 billion mt from 1.08 billion mt at a grade of 34 percent Fe, adding that there is the potential to increase this figure further to 2.5 billion mt.
"The headline objective of African Aura and our JV partner Severstal Resources was a two billion mt resource and I am very pleased that this has rapidly been achieved. We expect to upgrade this resource to the indicated category during 2011," African Aura's CE Luis da Silva said.
This news also comes on top of African Aura's announcement last week of a maiden one billion mt resource at its 100 percent-owned Nkout iron ore project in Cameroon. African Aura's attributable iron ore inventory has increased fivefold in short order, from 0.38 billion mt at 34 percent Fe in 2010 to the current 1.96 billion mt and with the potential for significant further growth.
Severstal holds a 61.5 percent interest in the Putu iron ore project, while its partner African Aura retains a 38.5 percent interest in the project.