Mabwe Minerals, and its Dodge Mine project in Zimbabwe in southern Africa, has been chosen as a fast-track focus by Raptor Resources. Mabwe, a subsidiary of Raptor Resources, is aggressively developing a major barite (BaSO4) source in the mountainous region of northeast Zimbabwe. It’s been labeled a world-class barite (barite) deposit, due to the established volume and quality of the mineral. Dodge Mine operations are being managed by WGB Kinsey & Company, a minority-owned partner of Mabwe and Raptor and long-established mining and construction company in the country.
Barite’s primary application is in the oil and gas industry, where it is used as a weighting agent for drilling fluids to reduce pressure buildup and prevent blowouts or collapse, and that’s where the Dodge Mine production is targeted. However, barite has a number of other applications. It is used in paints, plastics, and ceramics, and helps create a durable coating for automobiles. Barite is also used in the medical industry to help enhance contrast during certain scanning procedures.
Dodge Mine is a hydrothermal mountain range, implying high quality deposits of minerals and metals. In addition to barite, the Dodge Mine site hosts limestone and talc, along with widespread gossan deposits. Gossan is essentially weathered rock, usually the exposed part of an ore deposit or mineral vein, and in this case indicates the potential presence of copper, zinc, nickel, and gold. Based on ASCON validation studies of just one part of the Dodge Mine property, 411,000 tons of barite and 531,000 tons of limestone have been confirmed, suggesting a current market value of approximately $79 million.
But the company already has a buyer lined up for the delivery of 3,000,000 metric tons of American Petroleum Institute (API) grade barite at a rate of 220,000 metric tons per year. At an average price of $150/ton, the 13.5 year agreement represents a whopping $450 million.
For more information, visit www.RaptorResourcesHoldings.com
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