Monday, November 3, 2008

Albidon defers Zambia project, cites market turmoil

ALBIDON said today it will delay work on its uranium project joint venture in Zambia, citing turmoil in global financial markets.

The Australian nickel miner started a bankable feasibility study on two deposits in May 2008 with joint venture partner African Energy Resources.

In light of uncertainty in financial markets, the JV partners have decided to stop work at the project, but will continue work on an update of the resource estimate as well as ongoing metallurgical test works.

“The participants will continue to monitor the situation on an ongoing basis and expect to resume the outstanding components of the BFS once market conditions improve,” Albidon said in a statement.