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Main Forum•Avenira (AEX) now producing phosphate
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BAOBAB PHOSPHATE PROJECT First phosphate production achieved in September quarter
Processing plant construction complete and now ramping up
Post-commissioning minor plant improvements being made
Trucking of product to Port of Dakar for stockpiling commenced in late September
Additional product offtake agreement secured, increasing aggregate commitments to between 360,000 and 480,000 tpa
Project on schedule for first sale of product during the December quarter
Regional scout drilling extends the area of significant phosphate mineralisation
read full article. Visit www.australian-phosphate.com -
Patterson's Research report: http://www.avenira.com/wp-content/uploads/2016/11/AEV-Initiation-Report-24112016.pdf
SNIPPET:
Avenira (AEV) is on the cusp of generating cash flow from its small scale phosphate mining operations in Senegal. It has moved swiftly into production by taking advantage of securing a Small Mine Permit (SMP) over a 5km2 project area that has allowed the initiation of activities to produce at a rate of up to 500ktpa of phosphate rock, which has been funded by existing cash reserves. Whilst the phosphate rock price is currently trading at subdued levels, the general thematic of the growing need for fertilisers to provide essential nutrients to soils to promote more food to feed a growing global population seems compelling. We initiate coverage on AEV with a Speculative Buy rating, underpinned by our indicative valuation of $0.25/sh.
More about: http://www.australian-phosphate.com/
