Exploration company Ennex International has cut its projected funding requirements for the development of a zinc mine at its site in Shaimerden in Kazakhstan.
Announcing a 26 per cent fall in losses before tax to $287,000 for the six months to the end of June, Ennex projected a capital cost of $227 million and operating costs of 20.5 cents per pound of zinc produced. This compares with earlier projections of a capital cost of $240 million and operating costs of 23 cents.
The company has appointed investment bankers Endeavour Financial to market the project to potential equity investors. A memorandum is being distributed to "a select group of major mining companies throughout the world", Ennex said in a statement yesterday.
Potential investors would be able to review the company's detailed database subject to confidentiality agreements.
Information available on the project includes a feasibility study carried out by Jacobs Engineering, a basic engineering study and a lumpsum turnkey proposal from Tecnicas Reunidas and Union Miniere as well as information on the exploration potential of the licence areas.
