- Xtract Resources said partner Mutapa Mining and Processing had commenced planning work for the Manica hard-rock gold project in Mozambique.

Mutapa had completed the project's operational budget and plan, with environmental and social risks identified and built into the plan.

It had also exchanged letters of intent with suppliers on certain long-lead items, including an elution heater package, feed thickener, flocculant plant and tower crane.

Deposits had been paid to commence remedial work on existing crushing and grinding circuits.

Executive chairman Colin Bird said Mutapa had approached the project in a 'very positive and professional manner'.

'Their investigations and planning have led them to a point where they have identified critical items which have the longer lead delivery times,' Bird said.

'To this end they have letters of intent agreed and deposits paid thereby ensuring no delays are expected to the contractual planned start date.'

At 2:38pm: [LON:XTR] Xtract Resources Plc share price was +0.05p at 1.25p

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