Out with the old for Blackthorn

摘要

Blackthorn Resources Ltd will retake the initiative at the Mumbwa copper project in Zambia after BHP Billiton Ltd announced it would be exiting the project. The two companies have participated in various JV incarnations over Mumbwa -150km north-west of the Zambian capital of Lusaka - since 2004 with BHP Billiton having funded the most recent activity as part of a clawback of 80% of the project. That period has seen BHP Billiton fund more than 20,000m of drilling on the project. Blackthorn was to continue to be free-carried through to a BFS but BHP Billiton's withdrawal will see the project revert 100% to Sydney-based Blackthorn. Blackthorn managing director Scott Lowe told Paydirt it had come as no surprise that the major had decided to walk away.