TORONTO (CP) -- Tiberon Minerals Ltd. and its joint-venture partners have been granted a licence by the government of Vietnam to develop and mine the Nui Phao tungsten/fluorspar deposit.
Witnessed by Prime Minister Phan Van Khai, the licence was granted to Tiberon CEO Mario Caron at the Vietnam-Canada Business Forum.
The licence, covering an area of almost one square kilometre, covers the known proven and probable reserves and is valid for a 30-year period. It replaces Tiberon's exploration permit and is the last major approval needed before construction.
Toronto-based Tiberon and its partners in the Nui Phao Joint Venture Mining Company Ltd. (Nuiphaovica) are developing the Nui Phao mine amid rising prices for tungsten and fluorspar.
On May 17, Tiberon [TSX:TBR] announced the signing of two tungsten contracts with Osram Sylvania, one of the world's largest lighting and tungsten manufacturers. Under terms of the initial contract, Sylvania has agreed to buy about 44 per cent of projected tungsten concentrate production for a minimum of five years.
Nui Phao is expected to produce 69,000 tonnes of tungsten trioxide, 3.5 million tonnes of acid-grade fluorspar concentrate, 15,000 tonnes of bismuth, along with copper and gold over the current 16-year mine life.
(c) The Canadian Press 2005