KENYA – After a hiccup last December in the development plan, TIOMIN RESOURCES of Toronto is again moving forward with its plans to develop the Kwale mineral sands. The capital budget for the project has been revised upwards to US$229 million from US$178 million.
Tiomin has signed a letter of intent with ATW VENTURE CORP. of Vancouver that will allow ATW to earn up to a 50% interest in Tiomin’s Kenyan mineral sands projects and a similar interest in Tiomin’s Tanzanian exploration projects for US$3 million.
The Kwale project economics indicate production of some 330,000 t of ilmenite, 75,000 t of rutile and 40,000 t of zircon per year for the first six years of the projected 12-year mine life. See also the information at www.Tiomin.com.