African Eagle Limited will seek an equity partner to finance an up to $450m nickel project in Tanzania, and could sell some of its existing copper and gold projects to raise funds.

In a press note, the company said a bankable feasibility study and business plan for the Dutwa nickel project in Tanzania, the company’s main undertaking in Africa, will be completed by mid-2011.

The company, with interests in a number of copper, gold and nickel projects, has suspended a 20,000-tonne per year copper project in Zambia due to difficulties in raising funds.

So the firm is looking at bringing in joint venture partners, or it will sell one of its other projects outright, principally to raise capital to take the Dutwa nickel project forward.

African Eagle could also raise funds through debt finance.

The nickel production per annum will be in the order of 20,000-30,000 tonnes of contained nickel. So the company will be looking at processing two to three million tonnes per annum, at 1.1 or 1.2 per cent.

African Eagle and Australia’s CGA Mining Ltd., its partner in the Mkushi copper project in Zambia, have suspended development of that project for lack of funds.

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