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Post by Sapphire Capital on Jul 14, 2008 1:49:27 GMT 4
July 11 (Bloomberg) -- International Gold Exploration AB, a Stockholm-based gold mining company, said it will abandon a tantalite mining project in Burundi after a study showed it wouldn't be economically viable.
A study of the Kabarore Colombo mining project showed that ore from the two potential mining sites resulted in 50 percent recovery, the company said in a statement distributed by the Oslo Stock Exchange today. That makes the project unprofitable in the current market conditions, the company said.
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