Celamin Holdings and Tunisian Mining Services have signed a letter of intent with Lycopodium and KEMworks for the Definitive Feasibility Study on their Chaketma Phosphate Project in Tunisia.
The Chaketma Phosphate joint venture company, to be called Chaketma Phosphates, is in the process of formation, with Celamin to hold 51%. The venture will then move forward on discussions with potential off-takers and financiers, and apply for a mining lease upon completion of the DFS.
Lycopodium is an international engineering and project management consultancy, and KEMWorks is a USA based engineering firm specializing in Phosphate Project Development.
Last month, Celamin completed a placement, issuing 47 million shares at $0.04 to raise $1.88 million.
The company has attracted UK-listed Polo Resources which has become a substantial 12.7% stake holder, taking up 30 million shares in the placement, and African Lion 3 Limited took up 10 million shares, taking its investment to 12.1%.
Chaketma holds an inferred resource of 130 million tons at 20.5% phosphate, with an exploration target of 175 to 280 million tons. Celamin is capitalized at around $10 million.
