Serengeti Resources (TSXV:SIR) reported that Kwanika Copper cannot complete the Kwanika prefeasibility study.
Serengeti Resources (TSXV:SIR) reported that Kwanika Copper, the joint venture company owned by Serengeti and Posco International, cannot complete the Kwanika prefeasibility study at this time due to lack of funding and instead will focus on completing an interim study report.
As quoted from the press release:
David Moore, CEO of Serengeti, states, “Our technical team has advanced the engineering of a combined open pit and bulk underground copper-gold mine plan at Kwanika. However, as important, we recognize that in order to reach the full potential of the project, more work is required. We believe the additional funds that would be required to complete the PFS study now, are better directed towards future optimization work for the project.”