"ZYL Limited (ASX : ZYL) has secured additional time from the ASX to complete an update for its Mbila anthracite project in South Africa, with the company entering a voluntary suspension today.
The company had in early October made the strategic decision to expand the scope of the Bankable Feasibility Study (BFS) for Mbila to include further development options.
This will include an open pit which would potentially support a quicker build up to sustainable production with lower operating costs.
It has also received several expressions of interest from third parties that have indicated a desire to secure offtake, provide debt finance, project funding and infrastructure solutions.
Mbila, which hosts a resource of 154.2 million tonnes, consists of a Mining Right covering 19,180 hectares and a Prospecting Right covering 52,946 hectares.
The suspension would last until the earlier of its releasing the update or the start of trading on Monday, 5 November"
HWK Price at posting:
8.0¢ Sentiment: Hold Disclosure: Held
