Shares in Anglo Aluminum Corporation （TSX-V:ALU, PINK:ANGLF） were trading sharply higher this morning after the company reported a 46% increase in the indicated resources at its Koba Bauxite Project in Guinea, West Africa.
West Africa as a whole is a hot bed of mineral exploration and development activity, and in particular has attracted the world’s largest mining companies for its ample resources of bulk tonnage commodities – especially iron ore, bauxite and industrial minerals, not to mention its prospectively for other metals, including gold and uranium.
Coffey Mining of Australia updated the initial resource estimate that was completed in January 2009. The updated resource took into consideration a cut-off grade of greater than 35% Al2O3 （“Aluminum”）, less than 35% Fe2O3 （“Iron”） and less than 6% SiO2 （“Silicon”）, 5% TiO2 （“Titanium”）, 0.2% CaO （“Calcium”） and 0.2% MgO （“Magnesium”）, and Al2O3/SiO2 greater than 10.
Coffey Mining also assumed a minimum mining thickness of 2 meters and stripping ratio of 3:1 （waste:ore）.
Taking into the considerations, the indicated resource was increased to 501 million tonnes at an average grade of 42.9% aluminum, 2.79% silicon and 27.8% Iron. There is a further 129.8 million tonnes grading 48.4% aluminum, 1.9% silicon and 19.8% iron in the inferred category at the Koumbia Bauxite Project, which sits 40 kilometers to the north of Koba.
A preliminary economic assessment （PEA） is underway for both of the Koba and Koumbia Bauxite Projects.
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