Aquila discovers high-grade manganese in South Africa

Carbon steel resources producer and developer, Aquila Resources has received...

  Carbon steel resources producer and developer, Aquila Resources has received promising manganese assay results from its Avontuur Projects located 75km northwest of Kuruman, in the Northern Cape Province of South Africa.The results are from the first three holes assayed from Aquila’s 74% owned Avontuur Projects, which comprise a permit area of 370sqkm. The manganese discoveries were identified on two mineralised prospects some 20km apart and adjoining the northern-most farms of the main Kalahari Manganese Field. The permit was taken up initially for iron ore, but modelling of aeromagnetic data and assessment of previous exploration identified two targets for manganese mineralisation. Aquila Executive Chairman Tony Poli said early exploration on these two targets had been very encouraging and that the company is continuing drilling. “These are quality results in a highly prospective region, which contains more than 50% of the world’s known manganese resources,” Mr Poli said. “Aquila currently has four drill rigs in operation at Avontuur, with another two being sourced, to define manganese resource potential,” he said. The world demand for manganese depends directly on the requirements of the steel industry, with the price of manganese ore continuing to rise in recent years. The Tex Report reports that contract prices for high-grade manganese ore ranges from US$11 to US$15 per Mn 1% CIF with spot prices ranging to US$17 per Mn 1% CIF. Manganese prices are expected to firm due to a shortage of one million tonnes of manganese ore to be supplied into the world market in 2008, largely driven by a reduced growth in supply of high-grade manganese ore and a swing from export to import of manganese ore by India.