(MENAFN - ProactiveInvestors - Australia) ZYL Limited (ASX: ZYL) has received the first draft of the Kangwane Central Bankable Feasibility Study (BFS) from RSV Enco Consulting.
The company is currently reviewing and finalising the draft BFS and it is expected that the executed version of the BFS will be received from RSV Enco by the end of November.
The Kangwane Central Project is in the Mpumalanga province of South Africa and is well located for export, located less than 100 kilometres from Maputo Port, Mozambique.
ZYL recently delivered an increase in the Measured resource at the Kangwane Central Project to 200 million tonnes, from 47.7 million tonnes, providing significantly greater confidence in the resource.
Comprehensive laboratory analysis has been carried out on the core collected from the phase three drilling program to determine the Kangwane Central " Southern Open Pit's potential suite of anthracite products, and ultimately end users.
The key highlight from the analysis has been the confirmation of lower levels of phosphorus and sulphur than originally anticipated.
The completion of the Kangwane Central BFS, in addition to the subscription of the A Preference share to the value of A7 million and the subscription of ordinary shares to the value of A3.5 million are conditions precedent to ZYL's ownership in the project increasing to 50.12% from 42.86%.
Bevan Tarratt has stepped down from his role as executive director of ZYL.