LONDON (AFX) - Dwyka Diamonds Ltd said BHP Billiton will invest 5.2 mln usd as exploration expenditure at the Muremera nickel project in Burundi, to earn up to 50 pct interest in Dwyka unit Danyland Ltd which holds the exploration rights for nickel and associated minerals at Muremera.
BHP Billiton's investment will be payable in three stages and its stake will be earned accordingly, added Dwyka.
Dwyka chairperson Melissa Sturgess said this agreement allows Danyland to fast-track the exploration programme at Muremera.
BHP's investment is expected to carry the project through to the concept study stage.
The Muremera target area is located within 2 km from the Xstrata/Barrick Kabanga Project, one of the largest known undeveloped nickel sulphide deposits in Africa, Dwyka added. DWYKA DIAMONDS SAYS BHP TO INVEST 5.2 MLN USD TO GET 50 PCT OF MUREMERA PROJECT newsdesk@afxnews.com jro/lam COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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