UK mining companies have had a tough couple of years with a slowdown in demand from China and nations reducing their dependency on hydrocarbons. This has prompted many mining companies to switch to commodity mining, and some of them have been successful in their endeavours.
Alecto Minerals PLC has switched to mining copper, and it announced that it has been successful in appointing a mining contractor for its copper mine in Botswana. The contractor has already started operations at the mine.
Giant Transport Holdings Ltd has been selected as the mining contractor for the company’s Mowana copper project in Botswana.
The mining contract period is for six months and could be extended, depending on different factors. Alecto Minerals stated that the mining contractor has successfully established its project site, and two excavators, two bulldozers and five 40-tonne dump trucks are currently in operation at the mine.
Alecto Minerals stated that with the mining contractor starting its work, the company can commence cleaning up the pit and begin reverse circulation grade control drilling. This will enable the company to begin testing its production targets for the near future.
Alecto Minerals CEO Mark Jones stated that with the earth-moving equipment coming to the site and the mining contractor beginning the work, the next three months will be a thrilling and exciting period, with the mine starting to yield copper.
Jones also stated that grade control drilling will begin in the next seven days, and the company is in the midst of filling up key positions. The process plant is also due to start shortly. This is an indication that the project has finally turned into a reality, and Jones said that he is looking forward to giving more details about the mine’s copper production in the near future.
However, this big announcement did not have an impact on the shares of Alecto Minerals. After the announcement, the shares of the company were untraded Monday afternoon, closing at 0.0638 pence a share.