Welcome to Cradle Resources Limited
In April 2013, Cradle Resources (ASX: CXX) agreed to acquire Panda Hill Mining Pty Ltd (Panda Hill) which has a world class niobium project in the Mbeya district in South West Tanzania. As a result of this acquisition, the Panda Hill Niobium project is now the main undertaking of the Company
The Panda Hill Niobium Project is located in the Mbeya region, near the borders with Zambia and Malawi, approximately 650km west of the capital Dar es Salaam. The industrial city of Mbeya is situated only 35km from the Project area and will be a significant service and logistics center for the Project. Mbeya has a population of approximately 280,000 people, located on the main highway and railway to the capital Dar es Salaam.
The Project is covered by three granted Mining Licenses totalling 22.1km2, which will enable a quick transition to the study and development phases, and has excellent access to infrastructure, with existing roads, rail, airports and 220kV power available in close proximity to the Project area. The three granted Mining Licenses are due for renewal in November 2016, and under Tanzanian mining legislation can be renewed for a further 10 year period on completion of the approved work programs on the Project.
A significant historical technical database on the Project has been acquired by Panda Hill, including drill core, mapping and assay data from campaigns undertaken in the 1950-1980s.
The management team is currently busy with a preliminary economic assessment on the project which will be complete in the first quarter of 2014.