African Consolidated Resources
AFCR is a multi-commodity resource exploration and development company focused in Zimbabwe, Zambia and other jurisdictions. The Company has established a highly prospective portfolio of assets at various stages of development with a broad focus on commodity, including gold, nickel, copper, rock phosphate and diamonds. This strong asset portfolio, with multi-mineral robustness, provides significant uplift potential.
AFCR has a defined development strategy in place and is committed to generating value for shareholders by advancing its projects up the development curve. In line with this, the Company has successfully delineated a 3.56 million oz JORC-compliant gold resource, of which over 50% is in the Measured and Indicated Category, at its flagship Pickstone Peerless gold mine in Zimbabwe. In Dec 2013, a Prefeasibility study on an open pit, mining Peerless-Pickstone oxide and sulphide ore to a depth of 250m, defined a Proved and Probable JORC Ore Reserve of 16.6 Mt grading 1.9 g/t for 1.02 Moz.
AFCR is focused on developing the Pickstone Peerless project into an operating mine. The initial ramp of up to 20kptm will be expanded to a peak production rate of 50 ktpm when sulphide ore is exploited. Once the company is in a strong cash flow position it will seek to fast track other near term projects such as Gadzema gold project (1.1 million Oz, still in exploration), and the Kalengwa Copper Mine in Zambia.
The Company has a highly experienced management and technical team, with a proven track record in identifying, operating and developing resource projects in Africa. AFCR uses leading-edge exploration technologies such as spatial data management software, 3D visualisation, new geophysical modelling techniques, innovative geochemistry and risk-managed targeting to advance its highly prospective projects.
The Company has developed extensive in-country expertise and maintains strong relationships with key industry figures and government authorities in Zimbabwe, Zambia and other jurisdictions. AFCR is benefitting from the significant political progress being made in Zimbabwe and fully supports the development of strategic national assets for the benefit of the Zimbabwean people and AFCR shareholders.