pd274-Aug19-mag-web_Neat

licence renewals before satisfying the clarified, it will result in a tender process “The fertiliser commodities are of in-
agreement conditions. for the licences and we have been as- creasing interest, particularly to the pri-
sured, in writing, that Minbos is able to vate equity groups,” he said. “They have
“There are murmurings that the Minis- enter that tender process.” a good story because of the growing con-
try wants to sort out the backlog of renew- cerns around food security.”
als and applications so we will wait for Reed believes Minbos’ proposed pro-
that outcome before we move ahead with ject development, which will see fertiliser – Dominic Piper
more exploration,” Reed said. “The future products placed into the local market, will
of the project will definitely play out over prove advantageous in the tender pro- Minbos is aiming to replicate encouraging
the next six months.” cess. historical trenching results on its Ambato

A wait-and-see approach is also being “Feeding the local market will be better rare earths project in Madagascar
taken in Angola where Minbos has re- for everyone and I doubt any other pro-
newed hope for its long-delayed Cabinda spective developers will come up with a
phosphate project. Cabinda has been similar solution,” he said.
stalled since Minbos’ proposed merger
with JV partner Petril Phosphates Ltd col- A second chance at developing Cab-
lapsed in 2017. inda could prove ideal for Minbos, partic-
ularly as sentiment towards both Angola
Petril is the manager of the JV and has and the fertiliser market is improving.
not presented a works programme for
government approval, thus putting the li- “I like Angola a lot,” Reed said. “There
cences at risk. have been some very positive events re-
cently, including an application to join the
Minbos wrote off its entire investment Commonwealth. The new president has
in Cabinda – it had spent more than $20 changed things and you get the feeling he
million over eight years – but outlined in is trying to push projects which are good
meetings with the Angolan Ministry of for the country. He recognises there is
Mineral Resources and Petroleum its a need to engage with the international
willingness to proceed with the project if business community.
given the opportunity.
“The new Australian High Commis-
Reed is now confident the impasse is sioner has already been invited to Angola,
finally about to be broken after Angolan which is in stark contrast to her predeces-
President João Lourenço announced he sor who had to wait two years to present
had signed a decree to take the licences his credentials. They’re really pushing out
off the JV. into the international community.”

“We haven’t seen that gazetted yet so Reed also sees greater interest in
we await official notice,” Reed said. “Once phosphate and the wider fertiliser market.

BDO KNOWS AFRICA

With an extensive portfolio of clients
and depth of experience in Africa,
BDO is with you for the journey and
beyond.

BDO, proudly supporting Africa Down Under since 2008

www.bdo.com.au
AUSTRALIA’S PAYDIRT AUGUST 2019 Page 101

ADU PREVIEW

Genmin swoops on chance

As 2018 drew to a close, there was a predominantly backed by 77% major follow about 12 months later.
noticeable spring in Genmin Ltd chief shareholder Tembo Capital – wrapped “We’ve significantly de-risked this pro-
executive Joe Ariti’s step. a major drilling campaign at its Greater
Baniaka project in Gabon at the end of ject over the last couple of years,” Artiti
Some of that joy could be attributed to last year, leading to a resource estimate said.
Ariti’s beloved West Coast Eagles win- of 244.2mt @ 39.5% iron.
ning the AFL premiership, but what had “Having spent $US25 million and got
him smiling most was a resurgent iron That estimate – independently calcu- to the point of moving into feasibility on
ore sector with prices tracking to break lated by Golder Associates Pty Ltd – in- what is a relatively simple washing and
through $US100/t for the first time in al- cluded a detrital component of 46.8mt @ screening, open-cut mining operation,
most five years. 47.6% iron, plus an oxide component of we expect over the next 12 months to
91.6mt @ 41.2% iron. knock out both the feasibility study and
“We’ve gone from being a leper on the the environmental and social impact as-
street where nobody believed in the sto- Azure Capital also recently put for- sessment.”
ries to seeing a couple of things happen, ward a conceptual financial development
not just in iron ore but in West Africa as model for Greater Baniaka, indicating Unlike some neighbouring countries,
well,” Ariti told Paydirt. $US122 million would be required for an Gabon is no stranger to mining and re-
initial 5 mtpa operation. A further spend sources development. Eramet-Comilog
“At the end of the last commodities of $US141 million during the third year of has been running a manganese opera-
boom, particularly in West Africa, the production would double capacity to 10 tion in the country since 1961 and Nou-
landscape was littered with failed pro- mtpa. velle Gabon Mining commissioned its
jects, whereas now we’ve actually seen Franceville mine two years ago.
a number of projects get up and run- Assuming an iron ore price of $US94/t,
ning. So, there is a renewed belief that Greater Baniaka is set to produce 61.3 Areva previously mined uranium and
projects in this part of the world can be million dmt at an average of $US43.1/t still remains active in Gabon as an ex-
executed – and these examples are all FOB over an initial eight-year mine life. plorer, while Moroccan group Managem
bulk commodities and all of them needed continues to review gold production op-
infrastructure.” With iron ore prices now upward of portunities in the space.
$US120/t, Genmin is targeting construc-
Genmin – an unlisted, public company tion in early 2021 with first production to “For us, Gabon as an investment desti-
nation has been very good and I’d regard

EXPL0RE
AFRICA
FASTER
AND
DEEPER

Imagine being able to explore rapidly. We can image your full rock
volume from surface to 5km in high resolution 3D and cut years
off your exploration time. See why HiSeis seismic is the most
exciting hard rock imaging technology in the world right now.
hiseis.com

SEE AT
M0RE ADU

Page 102 AUGUST 2019 AUSTRALIA’S PAYDIRT

Following a major drilling campaign last
year, Genmin reported a resource of
244.2mt @ 39.5% iron at Greater Baniaka

it as mature,” Ariti said. Beyond that, the company is hopeful Gabon-focused Genmin will initially produce
“It’s had an offshore oil industry for a of producing a high-grade hematite pel- a DSO lump product
let feed product from the deeper oxide
long time so it’s used to dealing with large material, potentially opening up sales op- with the development of the mineral port.
corporations and also understands capi- portunities in key North African and Euro- The great thing here is they’re prepared
tal markets and how to deal with those pean markets. to work under our umbrella in terms of
corporations. Stage 2 because we really need it mech-
With an abundance of critical infra- anised to export iron ore, and then po-
“As a consequence of that, they un- structure available in Gabon, Genmin tentially Stage 3 where you can bring a
derstand how to deal with foreign inves- has signed a MoU with the consortium capesize vessel in.”
tors. Contrast that with somewhere like behind the Gabon Special Economic
Sierra Leone when I was working there; Zone (GSEZ) which outlines a “mine-to- – Michael Washbourne
whilst there had been a history of hard ship” logistics solution for delivery of iron
rock mining, it was just starting to get the ore from Baniaka along a proposed rail
offshore oil industry up and running and spur to Port Owendo, near Libreville.
a general understanding of just how all
of that was going to work was quite chal- “This was largely driven by the philoso-
lenging for government. But, we’re well phy that our core skills are in mining and
up that learning curve in Gabon.” not necessarily port and rail,” Ariti said.

Genmin’s initial output will comprise a “Sometimes the planets align and this
DSO lump product which can go straight has removed a major headache for us
into blast furnaces, as well as a coarse whereby specialist infrastructure funds
sinter fines product. have sort of solved a potential problem

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 103

SAIDTUE PVRISEITVIEW

Seven wonders A feasibility study on Maniry will be
of Maniry completed over the next 12 months

By this time next year, BlackEarth Minerals “Our goal has never been to look at this of product. Pre-tax NPV is estimated at
NL expects to be on the cusp of unveil- as an exploration opportunity, but rather as a $US103 million with an IRR of 42% over the
ing the outcomes of a feasibility study on its project development opportunity. And I think initial 10 years of project life.
Maniry graphite project in Madagascar. that’s kind of what has differentiated us from
others in terms of history. A key finding of the scoping study was that
Therefore it is no surprise managing direc- a 1% increase in feed grade to 7.3% TGC
tor Tom Revy is gearing up for a rather hec- “From our perspective, the only way you will boost the project’s NPV to $US152 mil-
tic 12 months ahead. And while he knows can do this is to go in, find out what’s required lion and IRR to 55%.
things won’t be easy, the prize on offer at the to build a project and then undertake the
end is enough to keep him motivated. work to be able to meet those parameters The scoping study was based only on in-
and to get into cash flow as soon as possi- dicated resources from the Razafy deposit,
Revy has been overseeing work on ble. Thereafter you can expand, you can do but Revy sees plenty of upside in the project.
Maniry since BlackEarth – then a subsidi- downstream processing, you can engage in
ary of Lithium Australia NL – picked up the other activities, but the key – particularly in “We believe we have that opportunity
project more than two years ago. His vision this market – is fast-tracking to cash flow in a based on results we released to the market
to bring to life a graphite mine in southern responsible way.” in the north-west of our existing resource,”
Madagascar has never wavered. Revy said.
BlackEarth completed a scoping study
“The way we’ve approached this thing earlier this year which supported develop- “We have 100% ownership on all our ten-
since day one is to get into cash flow as soon ment of an initial 500,000 tpa operation pro- ements and 80% of our current indicated
as possible because it’s only then when you ducing 30,000 tpa for a $US41 million capex. resource sits on a granted 40-year mining
get fully recognised value in your share price licence, so we think that gives us a huge and
and consequently that’s when the share- A further capital injection of $US29 million distinctive advantage.”
holders are ultimately rewarded,” Revy told during the third year of production is required
Paydirt. to double capacity to 1 mtpa for 60,000 tpa Land tenure is one of seven “key factors
for mining success” which the BlackEarth
team is working through to transition Maniry

Mine De-Watering Solutions

X3 Vortex Mixer

The World’s Best Travelling
Decline Pump System

AASFRSEICEANDAOTWNUNDER.

MineScope Services provides bespoke technical
and project development services in Australia and
internationally to the mining and resource industries.

Visit: challengepumps.com.au • Technical Support • Project Development
• Operational Support Support
Patented Innovative Technology from Challenge Pumps is used around the • Due Diligence
globe for Underground Mine De-Watering. The Vortex Mixer tank allows for • Project Delivery Support
the highly efficient transfer of dirty mine water from 100 metres to 500+ metres.
MineScopeServices.com.au
Page 104 AUGUST 2019 AUSTRALIA’S PAYDIRT

BlackEarth managing
director Tom Revy (left)
inspects the Maniry
terrain

into a producing mine. The others are avail- “The Government scoping study has meant about 50-60%
able infrastructure, product quality, stable is stable, they had re- of the required feasibility work has already
geopolitics, financial returns, the right people cent elections which been completed, according to Revy, who
and technical capacity. went off without a added that two earlier pilot plant runs had
hitch, they’ve already helped fine-tune the proposed processing
Revy believes his company ticks each one made very posi- flowsheet.
of those boxes, highlighting the abundance tive steps towards
of available infrastructure in Madagascar encouraging mine Trial mining is also on the cards for Black-
and a supportive government as two factors development in the Earth as part of a larger pilot run in the next
which many other African graphite projects country. Within his first month, the President 12 months.
may be lacking. [Andry Rajoelina] gave the green light to the
Molo graphite project which is immediately Revy expects to work closely with offtak-
Last month the Malagasy Department of north to us. ers during that period to ensure the high-val-
Mines (BCMM) offered its full support to help “From a mine-risk perspective, it’s ue super jumbo flake products his company
fast-track development of Maniry. deemed to be one of the best places to be in plans to produce meet the required specifi-
Africa and certainly by the Mining Journal’s cations of its target customers.
“Madagascar, no matter how you look at it, own definition, some 90% of graphite is pro-
has been a major exporter of graphite for the duced in riskier countries than Madagascar.” “Our three primary markets are the bat-
last 120 years,” Revy said. Revy said the country’s history of ethical tery, the expandables and the refractories,”
graphite production was a major positive he said.
for potential debt financiers he has begun
preliminary discussions with. Negotiations “We understand the products we can pro-
are set to continue after ongoing test work is duce, we understand the operating costs
completed in September/October. that get us to that point and we understand at
The level of detail and confidence in the a high level the revenue that those products
can generate for us.”

– Michael Washbourne

Complete Legal Solutions for your
African Resources Needs

Unrivalled pan-Africa Service

DLA Piper is located in 20 countries across the continent, offering extensive
coverage in North Africa, East Africa, Southern Africa, Francophone Sub-Saharan

Africa and Anglophone West Africa. Our Africa offering comprises over 200
lawyers based around the world who regularly work on African-related matters in
key hubs such as Perth, London, New York, Paris, Dubai, Hong Kong and Beijing.

www.dlapiper.com/en/africa

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 105

ADU PREVIEW

Illegals moved from Glencore mine

People protest about the forced eviction of thousands of illegal miners
from Glencore’s Kamoto copper mine in DRC

Congolese security forces evicted thou- about 2,000 illegal miners enter the mine Rights activists have criticised the ex-
sands of illegal miners from a copper- every day. pulsion, saying it did not address fac-
cobalt mine run by Glencore in early July, tors such as poverty and unemployment,
sparking angry protests outside the gov- Miners had earlier defied an army dead- which push people to brave dangerous
ernor’s office and looting of shops, local line to leave the mine. Activists said they conditions in mines.
activists said. feared the standoff would lead to violent
clashes and human rights abuses. In late June, the army evicted thou-
The move by the police and army came sands of miners from China Molybde-
a week after a landslide at the Kamoto Emmanuel Umpula, the director of num’s nearby Tenke Fungurume mine.
Copper Company (KCC) concession, watchdog group African Resources
majority-owned by a Glencore subsidiary, Watch, and Mike Lameki, a civil society General John Numbi, who led the op-
killed 43 people, prompting a government activist in Kolwezi, said security forces eration, said the soldiers did not fire a
pledge to swiftly remove the miners. opened fire to disperse the protesters, single shot. African Resources Watch
who were demanding a new concession said they did and cited local villagers as
Glencore said in a statement that to exploit. saying three people died from gunshot
DRC’s army had been deployed to an wounds.
area around KCC. It said the company It was unclear whether they had fired
had insisted soldiers exercise restraint live rounds or rubber bullets, or if there The recent accident at KCC briefly sent
and respect human rights. were any injuries. Lameki said about 20 Glencore’s shares tumbling 7%, under-
miners were arrested. scoring foreign investors’ exposure to il-
Speaking to reporters in the south- legal mining activity on their properties.
eastern city of Kolwezi, where KCC is lo- After being dispersed from the gover-
cated, General Philemon Yav said the ar- nor’s office in the morning, Lameki said, The Lualaba Government estimates
my’s intervention was required to defend the miners headed to the neighbourhood that 170,000 informal miners operate in
Congo’s economic interests and support of Kasulo. the province. They burrow deep under-
the police, who have at times been over- ground with rudimentary tools, leading to
whelmed by the thousands of illegal min- “On the way, they met up with friends frequent accidents.
ers present in some mines. who had come from other parts of town,”
he said. “Then they started pillaging.” DRC produces more than half the
“By all means, we are going to kick world’s cobalt, a key component in elec-
them out of our strategic mines so they Richard Muyej, the governor of Lualaba tric car and other electronic batteries,
don’t harm our economy,” Yav said. province where Kolwezi is located, prom- but is one of the world’s least developed
ised to provide the miners alternative con- countries, afflicted by corruption and con-
The army said 20,000 miners were cessions, but they are sceptical that those flict.
evicted from KCC. Glencore estimates areas will be big enough or contain ore of
high enough quality to support them. – Aaron Ross, Reuters

AIRLIFT IN AFRICA

NAC operates aircraft for Mines, the
Oil and Gas industry and NGO’s

We are a multinational, supplying
airlift and numerous aviation
support services to deployments
across 11 countries

Contact us about your aviation
requirements in Africa.

FLY-IN-FLY-OUT • CHARTER • AIR AMBULANCE • HOT AND HOSTILE TERRITORIES

Perth Airport +61 8 6189 0700 • Lanseria Airport +27 11 267 5220 • [email protected] • www.nac.co.za

Page 106 AUGUST 2019 AUSTRALIA’S PAYDIRT

Force cash flow in Malawi

No one can accuse Force Commodities and logistics operators on the African Force is looking to move quickly into
Ltd managing director Jason Brewer continent. lead-silver production in Malawi
of going slow.
“The Force was with us, for sure,”
Within a fortnight of Force acquiring an Brewer told Paydirt. “It was a big week –
initial 51% interest in the Tshimpala lead- I wonder what we can do next to top that.”
silver project in Malawi in mid-July, Brew-
er was signing off on a binding offtake Force decided to venture into Malawi
agreement with Transamine Trading SA earlier this year in search of near-term
for the Swiss-based group to purchase all production opportunities to complement
future high-grade lead and silver produc- its early stage lithium exploration projects
tion. in the DRC.

Later that day Force published the find- Because of its focus on battery miner-
ings of a transportation study which esti- als, Force initially entertained picking up
mated an all-in cost of up to $US125/t to a graphite project before an unlikely but
move material by both road and rail from more attractive option emerged.
Lilongwe to identified ports in Asia.
“We saw first-hand a number of small,
Some 24 hours later local Malawian very high-grade lead mining activities by
group Akatswiri Mineral Resources Ltd local groups and artisanals which we just
was appointed to assist with all environ- couldn’t ignore,” Brewer said.
mental, social and community relations
around Tshimpala, about 45km west of “It was very clear from one bulk sample
Lilongwe. we saw which had over 60% lead and 700
g/t silver – not to mention the very shal-
Rounding out was what a very busy low, multiple parallel veins – that this was
week, Force signed a transport and lo- a very near-term opportunity for Force to
gistics agreement with Bolloré Transport generate cash flow for other complemen-
and Logistics, one of the largest transport tary projects in East and Central Africa.”

Under the acquisition terms with Terra

Ghana……a diversifying mineral hub!

GEOLOGICAL AND MINERALS OCCURRENCE MAP OF GHANA

3°0'0"W 0°0'0"

?! !( ¦
!?
!( (! #*
(!
!? !(!?(!(! (!
?! !? "?!

#*!?!??! !?

!? =!"

9°0'0"N !? ?! 9°0'0"N
!? !((! (!

?! *#

*#(! *#*##**#
(!

"

"

"""!?"!? !((!!(!? (! "" "
!?"" "
(!!(!(!( (! !(

""" " !( !( !(!((!!((!!((!

!(
*#" " (!
*#*#*#!( "!( !(!(!(!?
(!!(
" (!
(! !(

6°0'0"N S" != 6°0'0"N
=!!= =! =!
!(!( (! (!

#*?!!((!(!!(!((!!((!!((!(!(!(!(!!((!!((!?!(!(! (!!( =!
"S
"S?! ?!=!!(=!

!?!(!(!((!*#!(!(!(!??!?! ?! =!!=

3°0'0"W 0°0'0"

RECE NT VO LT A IA N TOGO SERIES MINERAL OCCURRENCE
Unconsolidated sand, clay and gravel UPPER VOLTAIAN Quartzites, sandstones, shales, phyllites, schists and silicified limestone
(! GOLD
TERTIAR Y Mainly sandstones DAHOMEYAN FORMATION
Red continental deposits, mainly limonitic sand, sandy clay and gravel OBOSUM Acidic: Ortho and para gneisses and schists and migmatites, many of which are rich in garnet, hornblende and biotite " BAUXITE
Basic: Ortho and para gneisses and schists and migmatites, many of which are rich in garnet, hornblende and biotite !? MANGANESE
EOCEN E AND CRETAC EOUS Mainly shale and mudstone beds S" Columbite-Tantalite
Marine series of shales, sa ndstones, limestones, glauconitic sandstone, oil sand OTI BE DS TARKWAIAN GROUP != SALT
Quartzites, phyllites, grits, conglomerates and schists
SEK ON DIA N (? Devonian) Mainly sandy and pebbly beds #* BASE METALS
Sandstones, grits, conglomerates, shales and mu dsto nes, nodules of limestone and siderite BASAL SANDSTONE BIRIMIAN SUPERGROUP
Metamorphosed lavas and pyroclastic rocks and hypabyssal basic intrusives, phyllites and greywackes MAIN DIAMONDIFERROUS AREA
ACCRAIAN (Mid-Devonian) Mainly quartz sandstone Phyllites, schists, tuffs and greywackes
Sandstones, grits and shales
BASIC INTRUSIVE
BUEM VOL CANICS Gabbro, dolerite, epidiorite, norite serpentine etc. where separately mapped
Basaltic, andesitic and trachytic lavas, agglomerates, tuffs and jaspers
DIXCOVE GRANITE COMPLEX
BU E M
Calcareous, argillaceous, sandy and ferruginous shales, sandstones arkose and greywacke, conglomerate and tillite E E ESodic hornblende- granite, granodiorite, diorite, porphyry, aplite and pegmatite. Mainly biotite gneiss and porphyritic biotite

CAPE COAST GRANITE COMPLEX

E E EGranite; biotite and muscovite granite, granodiorite, pegmatite, aplite; with biotite schist pendants

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 107

ADU PREVIEW

Care AG, Force is now the manager and One of the
operator of Tshimpala, which is com-
prised of three granted exploration li- Tshimpala li-
cences and one mining licence currently
under application. The licences extend cences was pre-
over 1,414sq km and cover areas of
known historic and current small-scale viously explored
lead and silver mining activities.
for graphite and
Force has appointed South African-
based geologist Trevor Mashiloane as Brewer did not
exploration manager, with his previous
working history on the project set to be rule out picking up
crucial as the company undertakes an
initial 2,500m RC drilling programme in a where a previous
bid to delineate a maiden resource esti-
mate over the coming months. feasibility study

“From my own experiences in Africa, left off should any
you don’t have to have the biggest re-
source project with the biggest capital to upcoming explora-
make an impact,” Brewer said.
tion results justify
“There are some tremendous projects
in Africa which you can develop in a rela- doing so.
tively short timeframe and with very mini-
mal capital expenditure. That is what this For Brewer, a
project offered.
well-travelled Afri-
“This is a DSO product, there’s no pro-
cessing, so you mine, you crush, you can mining execu-
screen, you bag and you’re getting be-
tween $1,500-2,000/t of ore. I don’t think tive, this is a first
there would be too many minerals you’re
able to get that sort of value for.” foray into Malawi

and so far his ex-

perience has been

nothing but posi-

tive.

“It’s very similar

to why we went to Jason Brewer

the DRC because there was so few other exploration or mining companies there
alongside you with bigger balance sheets
junior companies active in the area,” he and so on. There’s actually very few ac-
tive listed companies exploring and min-
said. ing in Malawi. Obviously the great suc-

“We felt we would be able to very

quickly get into a position of being able

to compete for some very good projects,

without your several hundred other ASX

Technologically advanced. Perth,Western Australia
Intelligent integration.
The USB of Conference
Ensuring a seamless, reliable Proceedings for the 2018
hybrid power supply to mines, Africa Down Under Conference
with significant cost savings.
is Now Available

Conference Proceedings Includes:

• Over 70 presentations • Global media coverage
• Australia’s Paydirt preview and review editorial coverage

• Conference Sponsors

[email protected] | www.juwi.co.za $100 (incl. GST)
Phone (+61) 8 9321 0355
or email [email protected]
www.africadownunderconference.com

Page 108 AUGUST 2019 AUSTRALIA’S PAYDIRT

cess there we all remember was Paladin fantastic road out of the capital city, it’s shareholder money – and I think share-
[Energy Ltd] when they got their second quite amazing. You won’t find too many holders would like to see that as well,” he
uranium mine up and going, but aside projects which can benefit from that ex- said.
from some rare earths and graphite ex- isting infrastructure.”
ploration projects, there’s very little going “If we’re able to build a small-scale,
on. Brewer insists his company’s move highly profitable production base in Ma-
into Malawi is not an indication its Ka- lawi and use that to advance other early
“Malawi, being a former British colony, nuka and Kitotolo lithium projects in the stage exploration projects in lithium or
has a very well established mining code DRC are no good. In fact, he intends to other battery minerals, then I think our
and it’s got incredible infrastructure. redirect cash flow from Tshimpala into strategy in the DRC has upside.”
Coming from the DRC where infrastruc- developing those early stage assets.
ture is tough to a place like Malawi where – Michael Washbourne
we’ve got a project which is 45km on a “I would much rather see these pro-
jects funded out of cash flow than out of

Winmar waits patiently

Jason Brewer remains optimistic Win- we’ve done that against the backdrop of Opportunities to acquire producing
mar Resources Ltd will resume trading some quite considerable change in the mines close to the plant are now also be-
on the ASX soon, even if it still remains DRC politically and also some dramatic ing presented to Winmar, according to
unclear exactly when that will be. movements in the cobalt market itself,” Brewer.
he said.
Winmar’s stock has been suspended “The market has changed dramatically
for more than 12 months since the ASX “I’ve felt we’ve more than addressed over the past 12 months in the DRC, so
ordered the company to undertake a full what was required, but it’s a very risk- what we can get now, compared to what
compliance on the back of its proposed averse market at the moment, so we we secured 12 months ago, is significant-
acquisition of a 50% interest in the Lua- need to move forward with that as best ly different,” he said.
pula copper-cobalt processing facility in we can.
the DRC. “We’ve had significant interest on
“There’s no denying it’s stymied us offtake and funding and we’ve probably
The ASX deemed the transaction to be from the work we’ve been able to do on spent longer than people would expect
“a significant change in the nature and the actual asset itself because until such getting that done, but the level of inter-
scale” of Winmar’s previous activities. time we’ve received shareholder approv- est warrants us getting the best deal and
To date, the company has been unable al and ASX approval for the recompli- I think when we are able to conclude
to satisfy the requirements for relisting, ance, really we can’t expend significant that, shareholders will be very pleased
meaning its ambitions to push first ore amounts of capital on the project.” with the structure and the counterpar-
through the Luapula plant remain on ties we’ve been working with over recent
hold. Despite the delays – Winmar had months and the outcomes that will come
hoped to be producing last August – from all that.”
While frustrated, Brewer – Winmar’s Brewer does not believe the suspension
chairman – said the ASX’s stance was has been a total lost opportunity. Winmar is also in the process of com-
hardly surprising given the company will pleting a dual listing on the main board of
become one of the world’s top 10 cobalt Over the past 12 months, Winmar has the London Stock Exchange, something
producers when finally up and running. secured feed for the plant, completed Brewer believes is now essential for any
independent valuation of the facility and major producer in Africa.
“It’s been quite an arduous task putting has a solid understanding of what needs
in place the various reports and qualifica- to be done to have everything ticking over “We still see the requirement and the
tions for that recompliance process and when given the long-awaited go-ahead. need to maintain a dual listing here in
Australia, but nonetheless it’s very clear
that the main board in London for a sig-
nificant producer of a strategic commod-
ity such as cobalt has to be the place
where this company ends up in the long
run,” he said.

“This company has been very suc-
cessful in that initial risk capital out of
Australia and our shareholders have
been fantastic in supporting us and be-
ing so patient, no question about that,
but as we progress and as we look at our
broader ambitions, having a dual listing
and a mainboard listing in London gives
us much more flexibility as to how we
grow this business further.”

Winmar’s Luapula processing plant in the DRC

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 109

SRIETGEIOVINSAITL ROUNDUP

Sandfire chips more cash into
White Rock’s Red Mountain

White Rock Minerals Ltd’s bid to find Matt Gill nology at it. To find a third deposit would
a third deposit at its VMS-hosted be great, but to firm up the work that
Red Mountain zinc project in Alaska has a manager’s fee for it – I don’t think that’s we’re doing for next season is also im-
received a boost with JV partner Sandfire a bad outcome for White Rock,” Gill said. portant in terms of where we drill.”
Resources NL chipping in an extra $1.5
million for this year’s exploration cam- “A billion dollar-listed company like White Rock picked up Red Mountain in
paign. Sandfire don’t throw their money around 2016 to be one of the first in a new wave
lightly, so I think that’s helped to validate of Australians to set foot in Alaska where
Sandfire previously committed to what White Rock has been saying and it the likes of Northern Star Resources
spending $6 million in the ground this gives investors a bit of comfort when you Ltd and South32 Ltd are also looking to
year as part of its $20 million expendi- see someone of that size and success on make an impact.
ture requirement to earn 51% of Red our register, but also putting money into
Mountain, which hosts a resource of the ground.” “Alaska is not No.5 on the Fraser Insti-
9.1mt @ 12.9% zinc equivalent. tute world rankings for nothing,” Gill said.
As far as Christmas wishes go, Gill
The additional $1.5 million allows for hopes the JV can discover a third de- “There’s an unusual number of Tier 1
drilling to be extended by a further five posit at the 475sq km Red Mountain pro- projects, but not many juniors in Alaska. I
weeks so a number of new high-priority ject this year to complement Dry Creek don’t think a lot of investors give enough
targets can be tested. These were re- Mains and West Tundra Flats. thought about sovereign risk. For me,
cently identified from ongoing field work, mining is hard enough without worrying
including geochemical reconnaissance, Drilling at the time of print was focused about some of those sovereign risk, gov-
surface geochemistry and an airborne just 12km away from those deposits. ernment and security matters.”
EM survey. While Gill is realistic of the chance of
making a major discovery during the first With White Rock now essentially free-
“This funding is a nice endorsement year of the JV, he is keeping his fingers carried at Red Mountain and the Austral-
above the minimum [expenditure re- crossed for a big find. ian gold price trading at record highs,
quirement] and will allow us to keep go- Gill is keen to move into production as
ing into September,” White Rock manag- “We’ve certainly got the footprint, the quickly as possible at the company’s oth-
ing director Matt Gill told Paydirt. background, the knowledge to be able to er project, Mt Carrington in New South
do it,” he said. Wales.
“For White Rock, it’s a nice runway of
funding into a great project which is in the “We’re throwing lots of modern tech- Described as “shovel-ready”, Mt Car-
top quartile of undeveloped zinc projects rington is forecast to generate $36 mil-
in the world – those are not my words, lion free cash flow and an IRR of 34%
that’s from an independent review – and with less than two years payback, based
I guess that’s what Sandfire liked, they on a $1,700/oz gold price. Those num-
liked the size.” bers are increased to $95 million free
cash flow, IRR of 82% and an 11-month
Sandfire and White Rock first joined payback if a $2,100/oz gold price is as-
forces 12 months ago following a chance sumed.
meeting at last year’s PDAC event in To-
ronto. Initially the Karl Simich-led copper “We think now is the right time for
miner signed on as White Rock’s major White Rock to move that project forward
shareholder at 12.7% with an option over given the positive sentiment for gold and
a JV at Red Mountain. just the fact there aren’t many projects in
Australia as advanced as Mt Carrington,”
Encouraged by last year’s exploration Gill said.
results at the project, Sandfire officially
pulled the trigger on the JV in March. “Given its advanced nature, the next
The company will initially earn 51% from best value-add for shareholders is to
spending $20 million over four years and take it through approvals and into pro-
can then choose to lift its stake to 70% by duction and to get it to spit out some of
expending another $10 million and deliv- the money we know it can do.”
ering a PFS.
Feasibility work over the next 12
White Rock – manager of this year’s months will determine the final amount of
exploration programme – can elect to capital required to get Mt Carrington up
contribute thereafter to retain its 30% in- and running. Existing infrastructure on
terest or allow Sandfire to earn as much site has been valued at $20 million.
as 90% of the project.
Previous studies have proposed a
“We’re spending someone else’s mon- 35,000 ozpa operation with an initial
ey, drilling holes in someone else’s coun- mine life of 4.5 years.
try on our 100% owned asset and we get
– Michael Washbourne

Page 110 AUGUST 2019 AUSTRALIA’S PAYDIRT

NORTH AMERICA

Peninsula sees a bright horizon
for uranium

The United States Nuclear Fuel Working Group has been
established to develop recommendations for reviving and
expanding domestic uranium production. A report will be

delivered in October

“The dialogue has started and now the White
House, for the first time in decades, has realised
what condition the US nuclear fuel industry is in.
Intrigue surrounded the US uranium sec- “The President’s announcement is tory continues even for a short time, we
tor last month as the White House pro- not all bad from our perspective. It has are not waiting too long to make an in-
duced determinations on an investigation some elements that are promising. The vestment decision and we are not too far
into the effect of uranium imports on na- dialogue has started and now the White [in price] from where we need to be. We
tional security, conducted under Section House, for the first time in decades, has have our regulatory and technical mat-
232 of the Trade Expansion Act of 1962. realised what condition the US nuclear ters all de-risked and it will just be a mat-
fuel industry is in. ter of making an investment decision and
The investigation was triggered after acting on it.”
two uranium producers in the US drove a “Donald Trump, in his wisdom, has
petition enforcing the Secretary of Com- enacted or opened up a working group The uranium industry is motivated by a
merce to look into the matter. which is populated by his top cabinet offi- small number of buyers which have com-
cials. My expectation is that they’re likely plete influence over pricing, providing
On July 12, at the close of markets to get something done at that level under uranium companies with another chal-
in the US, President Donald Trump re- his own initiatives,” he said. lenge to overcome.
vealed he did not concur with the Secre-
tary of Commerce’s findings that uranium For the past 18 months, Peninsula has However, Heili believes both the sup-
imports threatened to impair the national been transitioning its Lance uranium in- ply and demand factors are lining up
security of the US, according to Section situ recovery operations, in Wyoming, “nicely” for a good run on uranium prices
232 of the Act. from an alkaline-based solution to a low in the near future and that clarity on Sec-
pH solution. tion 232 would trigger more activity in the
Trump did agree that the Secretary’s space.
findings raised significant concerns re- Heili said he was “fairly certain” final
garding the impact of uranium imports regulatory approvals for the transition at Vimy Resources Ltd managing director
on the national security with respect to Lance were close to being finalised, how- Mike Young agreed with that sentiment.
domestic mining. ever, an investment decision to proceed
hinged on circumstances in the uranium “This is fantastic news,” Young stated.
As a result, Trump has ordered a fuller market. “It is the starting gun to the uranium reviv-
analysis of the national security consid- al that had been picking up steam before
erations, including the entire nuclear fuel Not too long ago $US30/lb uranium this Section 232 investigation stopped
supply chain, with the United States Nu- spot prices had triggered some excite- everything in its tracks. I’m pleased that
clear Fuel Working Group to report back ment in the sector. At the time of print, the President, a businessman himself,
within 90 days recommendations for re- prices had retracted to $US26/lb. saw fit to address the bigger issue of the
viving and expanding domestic uranium nuclear fuel supply chain rather than pro-
production. “We have produced enough uranium viding a short-term sugar hit.
to satisfy our contracts and have made
“Our stock had a bit of a speculative arrangements to satisfy deliveries under “Despite the hiatus, Vimy has been
run before outcome, while the other Aus- our contracts for the next year,” Heili said. very busy engaging with US utilities as
tralian stocks really didn’t get to enjoy we negotiate contracts that will underpin
that in the run up; now you will see that “After the market closed and the White the development of the Mulga Rock ura-
correction as the balance is tipped in the House announcement came, we saw a nium project [in Western Australia].”
other direction for the moment,” Peninsu- $US0.70c/lb increase in the spot price
la Energy Ltd managing director Wayne and we saw another $US0.50c/lb [July – Mark Andrews
Heili told Paydirt. 15] depending on whose price search
you look for. But, uniformly if that trajec-

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 111

REGIONAL ROUNDUP LATIN AMERICA

Centaurus dusts off Jambriero

Centaurus Metals Ltd has moved swiftly “We’ve shown that we’ve got
into work on a BFS for its Jambriero iron good economics through the

ore project after sending a timely reminder PFS process and now we want

to the market of the fully licenced Brazilian to complete this BFS process

asset’s potential. as quickly as we can, get fund-

Five years after first publishing a PFS ing and offtake in place and then

on Jambriero amid a falling iron ore price, we’re in a position where we can

Centaurus has revised the capital and op- look to commit and start to build

erating cost estimates for the project and is the project.”

now dreaming of starting construction of a Other highlights from the up-

1 mtpa operation as early as Q1 next year. dated PFS were a post-tax NPV

Based on a conservative long-term 62% of $114.9 million and IRR of 32%.

iron reference price of $US75/t, last month’s Mine gate cash operating costs

PFS update confirmed the project could are estimated at $29/t, including

deliver life-of-mine revenue of $1.05 billion royalties.

and EBIDTA of $533 million over an initial The only major change to the Centaurus is aiming to complete a BFS on Jambriero
18 years. project’s process flowsheet was before the end of 2019
dry stacking of all tailings. In the
Pre-production capex is estimated at

$59.8 million with a 22-month payback, wake of recent tailings dam dis-

while forecast annual average operating asters in Brazil, Centaurus felt this option being able to bring the project into produc-

cash flow is $29.6 million. would not only facilitate a smoother future tion. You need the funding to convince the

Centaurus managing director Darren expansion pathway but also minimise the offtake guys and you need the offtake in

Gordon said his company was keen to capi- potential intervention by government and place to convince the funding guys, so it’s

talise on improved iron ore prices and mar- non-government organisations. a little bit circular, but we’re now putting our-

ket sentiment for iron ore – above $US120/t Gordon said the supply disruption cre- selves in a better position to have conversa-

at the time of print – something which was ated by the suspension of several iron ore tions with both.”

lacking when the original PFS was released operations in the country following Janu- Gordon said the company was looking

in 2014. ary’s fatal tailings dam collapse at the Cór- to establish Jambriero as a high-grade pro-

“We want to step through this as quickly rego de Feijão mine was another catalyst ducer of plus-65% iron products with low

as we can, making sure we capture the win- for the PFS update. impurities, something which is in high de-

dow to give ourselves the best chance of “It’s having a fairly significant impact glob- mand both in and outside Brazil.

getting it funded,” Gordon told Paydirt. ally as far as where prices are, but I think Centaurus has a granted mining licence

“A big thing with this project, and I guess being here in Brazil you get a sense that and environmental approvals in place for

iron ore more generally, is that you’ve got scenario could be around longer than peo- production of up to 3 mtpa, suggesting the

to have sentiment on your side from an eq- ple might expect,” he said. regulatory pathway to production and any

uity and also from a debt perspective. In the “When you’re supplying domestic mar- potential expansion should be relatively

last 3-4 years there hasn’t really been any kets, you’re not having to find huge licks smooth.

strong sentiment towards iron ore stories. of capital for infrastructure or anything like While iron ore has regained top billing

that, so when you put it all to- at Centaurus, the company has no plans

gether you still end up with pret- to shelve its Salobo West copper-gold and

ty healthy economic returns.” Itapitanga nickel-cobalt projects.

Centaurus hopes to complete Centaurus continues to work through li-

the BFS on Jambriero before censing requirements with environmental

the end of this year. Concurrent- regulators to begin drilling at Salobo West,

ly, the company is seeking to while JV partner Simulus Group has taken

lock away funding and offtake charge of a scoping study on Itapitanga.

in a bid to meet next year’s con- “It’s probably a little bit too early to tell

struction target. whether having multiple commodities in

Gordon expects discussions one company makes sense or whether

with potential financiers and there are other things that need to be done,

offtakers to ramp up quickly but I’d rather be sitting here with a project

with the new PFS numbers now that’s got significant value like Jambriero

public. and working through any issues as they

“We’re now further down that come up,” Gordon said.

path than before and can start “There’s still a fairly significant gap be-

having more meaningful con- tween our market cap and the actual value

versations with a number of of Jambriero. That’s something we need to

parties in the domestic market close and I suspect that comes with closing

here in Brazil,” he said out some of these other issues like offtake

Jambriero hosts reserves of 43.3mt @ 29.1% Fe “It’s about closing the gap be- and financing.”
tween what they want and then – Michael Washbourne

Page 112 AUGUST 2019 AUSTRALIA’S PAYDIRT

ASIA

Reko Diq dispute settled for $US5.8 billion

Pakistan said it welcomed a statement by tional Monetary Fund to stave off a looming tected by Pakistan,” it said.
Tethyan Copper expressing willingness balance of payments crisis. Among the reasons for the original de-
for a negotiated settlement after a World
Bank tribunal ordered the Government to Pakistan has partnered with China in cision to deny the licence were difficulties
pay $US5.8 billion in damages in a dispute the $US60 billion China Pakistan Eco- with security in a poor region with a some-
over the Reko Diq copper mine. nomic Corridor infrastructure project, part times violent separatist movement and the
of China’s vast Belt and Road initiative but strength of public opinion against it in the
The statement from the attorney gener- it remains in desperate need of foreign in- perceived absence of economic benefits to
al’s office came after a World Bank arbitra- vestment. the people of Balochistan.
tion court ruled in favour of Tethyan Copper,
a JV between Chile’s Antofagasta plc and Tethyan Copper discovered vast mineral The attorney general’s office said the
Canada’s Barrick Gold Corp, in a dispute wealth more than a decade ago in Reko mineral resources in Reko Diq were the
over a lease to the mine, located in a re- Diq, at the foot of an extinct volcano near “collective resource of the people of Balo-
mote area of south-western Pakistan. Pakistan’s frontier with Iran and Afghani- chistan and Pakistan” and it was keen to de-
stan. velop them to ensure development needs
The Government said it was disappoint- of some of the world’s poorest people”.
ed by the ruling but had taken note of a The deposit was set to rank among the
statement from Tethyan Copper’s chairman world’s biggest untapped copper and gold “International Tribunals are also urged to
expressing willingness to seek a negotiated mines, but the dispute has turned the spot- consider the implications of their decisions
settlement. light on the business climate in Pakistan and the impact on development and pov-
and become a test case of its ability to at- erty alleviation,” it said.
“The Government of Pakistan welcomes tract significant foreign investment.
this approach to work towards a mutu- Prior to denial of the mining lease appli-
ally beneficial solution that works for both The company said it had invested more cation, Tethyan Copper had completed a
sides,” it said. than $US220 million by the time Pakistan’s feasibility study showing that Reko Diq was
government, in 2011, unexpectedly refused one of the world’s largest undeveloped cop-
However, it said that together with the to grant a mining lease needed to keep op- per-gold deposits, with a potential mine life
provincial government of Balochistan, it erating. of more than 50 years and an estimated ini-
was still studying the decision by the World tial capital investment of over $US3 billion.
Bank’s International Centre for Settlement The attorney general’s office said Paki-
of Investment Disputes (ICSID). The ICSID stan reserved the right to pursue any legal “After a lengthy and thorough arbitration,
ruled against Pakistan in 2017, but had not remedies but sought to assure foreign in- the tribunal has ruled upholding our rights,”
determined damages owed to Tethyan until vestors that their rights would be protected.
now. Barrick president Mark Bristow said.
“Pakistan is a responsible state and the “Along with our partners at Antofagasta,
The ruling comes at a sensitive time for Government of Pakistan takes its interna- we remain willing to engage with Pakistan
Prime Minister Imran Khan, with his Gov- tional legal obligations most seriously,” the to explore the potential for a negotiated set-
ernment facing increasing economic head- statement said. tlement.”
winds and which last month signed a $US6
billion bailout agreement with the Interna- “Pakistan welcomes all foreign investors – James Mackenzie, Reuters
and assures them that their lawful rights,
interests and assets shall always be pro-

Rio struck by blowouts and delays at Oyu Tlgoi

Rio Tinto Ltd has flagged a cost blowout “It is a world-class orebody in terms of export hubs and prompting Australia’s big-
of up to $US1.9 billion and a delay of the size, the grade, etc. What we are try- gest listed miners to cut their 2019 forecast
up to 30 months at its Oyu Tolgoi under- ing to work out now is, can it be developed for iron ore output.
ground copper mine in Mongolia, the min- and mined economically to convert what
er’s key growth project. is a world-class orebody into world-class Rio Tinto maintained its annual iron ore
mine,” Glyn Lawcock, analyst at UBS, said. exports forecast in the 320-330mt range.
Rio Tinto said the delay stemmed from
the project’s challenging geology. It ex- “Overall, it was below our expectations In Mongolia, the miner said it had made
pected to determine the preferred mine for the quarter.” significant progress at Oyu Tolgoi during
design, along with a final estimate of cost 2019.
in the second half of 2020, and was also The news of the blowout came as Rio
reviewing the value of its investment. Tinto reported a 3.5% drop in second- “The ground conditions are more chal-
quarter iron ore shipments, as disruptions lenging than expected and we are hav-
The cost blowout was bigger than ana- caused by tropical cyclone Veronica in ing to review our mine plan and consider
lysts had expected after the company had Western Australia’s Pilbara in late March a number of options,” Stephen McIntosh,
earlier flagged issues with the original squeezed output in the April-June period. group executive, growth and innovation,
mine design. said.
The company shipped 85.4mt of the
Rio Tinto said first production could be steelmaking ingredient in the quarter “Delays are not unusual for such a large
achieved between May 2022 and June ended June 30, down from 88.5mt a year and complex project,” he added.
2023, a delay of 16 to 30 months, while the earlier. UBS had estimated quarterly ship-
capital cost of the project was estimated ments of 85.2mt. Rio Tinto said it was reviewing the car-
at $US6.5-7.2 billion, up from an original rying value of its investment in Oyu Tolgoi
estimate of $US5.3 billion. Veronica ravaged the coast of WA ear- and would announce if any changes were
lier this year, damaging several iron ore needed at its half-year results on August 1.

– Reuters

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 113

REGIONAL ROUNDUP

Alligator snaps up nickel in Italy

Alligator Energy Ltd has re-discovered
a highly prospective nickel-cobalt-
copper province in Italy’s north-west.

The Piedmont project hosted a number

of mines pre-World War II, however, the

province has pretty much been aban-

doned for mining since.

The Government controlled the ground

up until the late 1990s/early 2000s, with

modern geophysics flown – but never

processed – in 2015.

Alligator had the geophysical data

processed and called in nickel experts,

one globally recognised from Canada, to

assist in understanding the evidence of

mineralisation at Piedmont.

“The global expert out of Canada has

broad experience in the nickel setting in

comparison to other global regions. He

will help us further our detailed nickel

work along with James Lally from Min-

ing Associates out of Brisbane who has

done a lot of work in nickel in Australia in

similar settings,” Alligator chief executive

Greg Hall told Paydirt. Greg Hall

The nickel reinforcements called in

essentially complement Alligator’s team come back again and we think that is of the reasons we went to the nickel ex-
which is flush with expertise in the base sustainable because of the digital metals perts to gauge what is the best way to
metal, with Andrew Vigar (non-executive and EV metals focus for nickel now and look for these deeper targets.”
director) alongside Hall and Peter McI- not just for stainless steel.”
ntyre (non-executive director) both of Confirmatory sampling has demon-
whom managed nickel mines for WMC. Nickel was trading at $US13,665/t in strated high-grade nickel and cobalt, with
mid-July as Alligator was fielding expres- a mineralised strike length of 30km also
“We have an inherent skill-set in nickel sions of interest to potential parties keen confirmed.
and that is why we went there in the first on engaging in a strategic partnership or
place,” Hall said. “Also, although nickel investing in the progress of Piedmont. “The regional setting is interesting; it is
has come off its highs it is starting to basically where the African plate is slid-
Hall said there was a quick ing over the European plate causing the
Alps. This area doesn’t have anywhere
uptake in interest in the project near the same geological database that
you would typically see in Australia.
when Alligator released infor- There are no overall magnetics, there is
no government EM or gravity or anything
mation on the opportunity at like that,” Hall said.

Piedmont, where 17 areas with “That is why it is so open and interest-
ing because apart from the surface sam-
about 0.5% nickel have been pling and the very early geophysics over
the terrain there is nothing else which
identified. makes it attractive. There has been some
research done by geologists in the 1980s
There are a number of drill- and we have all their historical papers.
That helps lead us towards what we be-
ready targets adjacent to his- lieve we have there, but really there has
been no true modern exploration.”
torical mines, along with deeper
While drill permitting was due for com-
holes, and Alligator was pro- pletion in the September quarter, Alliga-
tor had also planned ground-based and
gressing with permitting so down-hole EM surveys to delineate ge-
ometry and depth potential.
that activities could start once

the company had a strategy in

place.

“We thought we’d test the

market for a potential partner to

come in now that we are ready

to go to the next phase of drill-

ing,” Hall said.

Grab samples of up to 1.5% nickel, 0.13% cobalt and “There are a lot of historical

2% copper have been returned from Alpe Laghetto. workings on the ground and

Six drill holes targeting extensions of historical there is a history of mines in the – Mark Andrews

workings, down-hole EM and confirmation of area. The interest to us in terms

geological mapping are in the pipeline of potential other targets is one

Page 114 AUGUST 2019 AUSTRALIA’S PAYDIRT

EUROPE

Highfield gets enviro nod in Spain

There is little now standing in the way Muga, which is subject to new approval sector and it also had geographic advan-
of Highfield Resources Ltd develop- upon the DIA. tages; its proximity to export markets in

ing the Muga potash project in Spain. Phase one capex estimated for Muga Europe, Brazil and, in the longer term, Af-

An environmental permit was granted is €342 million followed by phase two re- rica keeping transport costs low.

to Highfield for Muga earlier this year quirements of €199 million for an addition- The company is keen to promote such

and the company subsequently appoint- al 500,000 tpa, with C1 costs of €104/t, advantages.

ed Spanish national Leonardo Torres- including salt by-product credits. “We are in a tremendous geographical

Quevedo Angoloti as project construc- A NPV of €1.16 billion, IRR 23% and an- location, people forget that and the sector

tion director. nual €300 million EBITDA at full produc- itself is not that well understood. That is

“It is a paradigm shift,” Highfield chief tion of 1 mtpa has also been estimated. something that we can help develop and

executive Peter Albert told Paydirt in “We have a lot of interest in the financ- get across. It is not a sector that has a

light of receiving a positive Declaración ing from the equity side of the equation, significant track record on the ASX,” Al-

de Impacto (DIA) from the Ministry for there are a lot of options and opportuni- bert said.

Ecological Transition. ties and we don’t need to do anything to- “We have moved the project forward

“It is a fantastic outcome, it was provid- day,” Albert said. significantly through well beyond feasibil-

ed by the highest environmental authority “We can look at the options and prepare ity and we have placed a lot of orders for

in the land and No.1 under the European a strategy that we will crystallise at some long lead items of equipment. Our ESG

Union. Getting environmental permitting point in the next 6-9 months because we standard really underpins the success

is an absolute clear demonstration of the don’t need to do anything and we don’t of the environmental permit and it is at a

quality of the project and quality of the need to rattle the can, which is an unusual level that you wouldn’t see at any other

work we have done company at our stage

with the authorities in of development.

clearing the way for “That underpins not

the development of only the environmen-

the project.” tal approval, but also

Following the re- our social license

ceipt of environmen- which is really key to

tal approval in June, our long-term sus-

Highfield is lining up tainability. The sup-

rights to a mining con- port we have from

cession, a process the local community

which is estimated to and government is

take up to six months. unprecedented in my

Once the mining experience,” he said.

concession is award- While focusing on

ed, the construction the next milestones

permits are estimated towards development

to take a further 6-12 of Muga, Highfield

months. has also struck some

Should Highfield exploration success

gain the necessary at Sierra del Perdón

permits within the After environmental approval was received for Muga, Highfield is lining up a mining – 2.4m of carnallite
given timeframes, concession followed by a construction permit @ 12.4% potassium
construction of Muga oxide and 2.1m of

is estimated to start sylvinite @ 8.16% –

in about two years. Therefore, as project position to be in. We have time to put to- which confirms the extension of potash

preparation activities, detailed engineer- gether a financing strategy which is best mineralisation west of the historic Sierra

ing and procurement ramps up, Highfield suited to the development and sharehold- del Perdón mines.

will also be putting together financing for ers of the company; it’s an unusual and Additionally, two holes at Vipasca

Muga. very fortunate position to be in.” confirmed potash mineralisation west

Offtake contracts will be part of the Also playing in its favour is the growth of Muga, with results of 2.4m @ 11.11%

package for the 27-year Muga project, of the potash sector. Market commenta- potassium oxide from 743m, 6.6m @

which currently hosts measured and in- tors and big corporate players subscribe 12.02% from 788m and 1.5m @ 13.02%

dicated resources of 234.75mt @ 12.3% to a long-term view of continued growth of from 806m.

potassium oxide and ore reserves of the potash sector, which is currently tick- Drilling will continue at Vipasca as

108.7mt (proven and probable) @ 10.2%. ing along the curve on an upward trajec- Highfield determines the north-west ex-

On top of $50 million in the bank, High- tory of 2-3.5% per annum. tension of Muga.

field also has a debt facility of €185 million Albert said at 1 mtpa, Muga would not – Mark Andrews
previously arranged with European banks disrupt the global dynamics of the potash

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 115

DRILL BITS

Venturex breaks it open Southern Gold hopes to start drilling at Deokon, South Korea, as soon as possible
at Sulphur Springs
lowed by a maiden 1,000m RC drilling pro- Nickel sulphide struck in
High-grade base metals intercepts have gramme in June. great boulder
been reported 15km from Venturex Re-
sources Ltd’s flagship Sulphur Springs pro- Drilling intersected very high-grade VMS Great Boulder Resources Ltd has in-
ject in Western Australia. base metal and gold mineralisation at shal- tersected nickel sulphides from aircore
low depth, with the best assayed intercept drilling at its Tarmoola project, Western
Significant widths and grades of VMS at 50m depth being 5m @ 9.8% copper, 3.2 Australia.
mineralisation were intersected in initial g/t gold, 34 g/t silver and 3.1% zinc.
exploration drill holes at the Breakers pros- A programme of 76 aircore drill holes
pect, south of Sulphur Springs. The intercept included 3m @ 12.6% cop- was completed at Tarmoola for 2,539m,
per, 4.7 g/t gold, 43.7 g/t silver and 3.6% including 32 holes at the Sturt Meadows
Highlights included 18m @ 7.75% zinc, zinc. prospect. The programme was designed
2.03% lead, 0.25% copper and 22.8 g/t to test EM anomalies in the area, as well
silver from 155m (including 7m @ 10.74% Southern Gold surprises as providing information on the geochem-
zinc, 4.4% lead, 23.69 g/t silver from 161m at Deokon istry and lithology of the prospect.
and 2m @ 10.23% zinc and 1.18% copper
from 170m) within BRK005. Southern Gold Ltd has announced Hole 19TMAC011 intersected sulphide
a high-grade gold-silver discovery at minerals at a depth of 114m within a deep
BRK004 results were 5m @ 1.12% zinc Deokon, South Korea. palaeochannel running through the pros-
and 3.96 g/t silver from 177m and 5m @ pect area.
2.27% zinc from 185m, while BRK003 in- Assays from a field programme between
cluded 7m @ 0.45% zinc from 170m and April and June returned a peak of 32.4 g/t The next round of drilling will test the full
2m @ 1.02% zinc. gold and 1,095 g/t silver in outcrop and 53.9 depth of the palaeochannel and recover
g/t gold and 6,240 g/t silver in float assays. additional material for assaying as part
Cobre’s VMS delight of Great Boulder’s strategy to identify the
Two veined zones – Bonanza and Thorn origin of the nickel.
Privately-owned Australian copper explo- – 4-20m wide, 500m apart with interpreted
ration company Cobre Pty Ltd has acquired continuity and open along strike have been Meanwhile, results from an AEM sur-
80% of Toucan Gold Pty Ltd, which holds identified, with Southern Gold indicating a vey over Mt Carlton will be assessed and
100% of the Perrinvale copper project fol- maiden diamond drilling programme would a drilling programme designed for later
lowing an initial joint drilling programme. start as soon as possible. this year. The company intends to con-

Cobre and Toucan undertook a prelimi-
nary ground EM survey of the tenements
in central Western Australia, which was fol-

Cobre’s aim to be the next force in copper
appears to be on the right track

African expertise you can rely on to deliver results

Visit us at Africa Down Under to understand how our knowledge
and experience operating across Africa can help your project.

Page 116 AUGUST 2019 AUSTRALIA’S PAYDIRT

tinue testing coincident magnetic and EM Chalice will resume drilling at Pyramid Hill in Q3
anomalies at the Winchester prospect.
Chalice targets Bendigo Several new strike-extensive mineralised
Artemis expands in drilling in Q3 trends have been intersected across shal-
Paterson low wide-spaced aircore drill lines complet-
Chalice Gold Mines Ltd has announced ed within the 1,500sq km Muckleford Area.
Artemis Resources Ltd’s binding agree- promising reconnaissance drilling results
ment to acquire Rincon Resources Ltd is at its Pyramid Hill gold project in Bendigo, The newly defined mineralised trends at
set to make it one of the largest landholders Victoria. the Karri, Ironbark and Beech targets oc-
in Western Australia’s Paterson province. cur within highly weathered Castlemaine
The aircore drill programme was de- Group sediments directly beneath the Mur-
Rincon’s main asset is South Telfer, signed to provide an initial reconnaissance- ray Basin cover interface, indicating the
12km from Newcrest Mining Ltd’s 25 moz level shallow drill test of soil geochemical, gold is from a primary bedrock source.
Telfer gold mine, where historic exploration gravity and structural targets and to identify
drilling has been reported from the Hasties areas of anomalous gold and associated Infill and step-out drilling at the high pri-
prospect. pathfinder elements providing potential ority Karri, Ironbark and Beech targets are
vectors to large-scale mineralised gold sys- expected to start in mid-to-late Q3.
At South Telfer, Newcrest drilled over 200 tems.
holes for 22,000m, with extensive high-
grade gold and copper exploration, includ-
ing gold intercepts of 57.8m @ 2.05 g/t from
17.4m, 16.1m @ 4.75 g/t from 42.7m, 68m
@ 1.33 g/t from 1m, 36m @ 1.66 g/t from
2m, 33.2m @ 1.46 g/t from 25m, 23m @
2.06 g/t from 23m and 5m @ 3.73 g/t from
50m.

Significant copper intercepts included
20.6m @ 1.23% from 87.6m, 10.9m @
3.39% from 91.8m and 4m @ 4.84% from
49m. Artemis’ acquisition is subject to due
diligence, receiving acceptances from 90%
of Rincon’s shareholders and approval by
Artemis shareholders.

Ausmex sparks Golden
Mile

Phase two RC drilling at Ausmex Mining
Ltd’s Golden Mile project in Queensland
has delivered the goods.

Intersections of 7m @ 10.5 g/t gold from
23-30m (including 4m @ 17.8 g/t Au), 5m
@ 9 g/t from 27-32 m (including 2m @ 21.7
g/t) and 5m @ 8 g/t from 25-30m (including
3m @ 12 g/t).

Drilling continues to define additional
high-grade gold mineralisation potentially
suitable for a large scale, bulk mining op-
eration.

[email protected] | www.capdrill.com
AUSTRALIA’S PAYDIRT AUGUST 2019 Page 117

SIGNED, SEALED AND DELIVERED www.nucleussc.co.za

Avesoro outsources GR Engineering has been appointed lead DFS consultant for the Honeymoon
Youga mining duties uranium project, South Australia

Avesoro Resources Inc has offered an Bis on track to Bis has been delivering a range of ser-
open-pit mining contract to Orkun Group celebrate 25 years at vices at Murrin Murrin since the opera-
SARL at its Youga gold mine in Burkina Murrin Murrin tion began in 1998, with this latest con-
Faso. tract extension putting the company on
Bis has won a four-year extension of target to celebrate 25 years of associa-
The contract is based on the excava- its haulage and site services contract tion with the mine.
tion of 800,000-900,000 bank cubic me- with Minara Resources Ltd at the Murrin
tres of material per month, including a Murrin nickel operation in Western Aus- Agrimin primed for
minimum of 120,000 tpm of ore delivered tralia. potash processing
to the ROM pad.
Murrin Murrin recently hosted the ser- Agrimin Ltd has awarded an engineer-
Over the life-of-mine, the contract is vice provider’s new innovative haul truck ing design contract for the process plant
based on the excavation of a minimum of Rexx as part of its trials in working mines component of its Mackay potash project
42 million bank cubic metres of material across WA.
and can be increased, at Avesoro’s op-
tion, to 60 million bank cubic metres on
the same terms.

A contract price of $US4.26 per bank
cubic metre (about $US1.60/t) has been
set for the minimum excavation period,
reducing to $US3.75 per bank cubic me-
tres (about $1.41/t) thereafter.

Double strike for
preferred DFS engineer

GR Engineering Services Ltd (GRES)
was in hot demand last month, signing
two contracts to be lead DFS engineer in
as many days.

On July 11, GRES was announced as
the engineering and lead study consult-
ant for Boss Resources Ltd’s Honey-
moon uranium project in South Australia.

The following day, the Geoff Jones-
led company was confirmed as the DFS
engineer for AVZ Minerals Ltd’s Manono
lithium-tin project in the DRC.

Boss has pencilled in a November
completion date for the Honeymoon
DFS, building on the results of a PFS
completed by GRES in May 2017.

AVZ selected GRES as its preferred
DFS engineer based on the company’s
recent operational support and success-
ful optimisation studies on the Kipoi cop-
per project, also in the DRC.

NUCLEUS

Nucleus Mining Logistics

Providing turn-key logistics and supply chain solutions into Africa

Page 118 AUGUST 2019 AUSTRALIA’S PAYDIRT

www.nucleussc.co.za

to Primero Group Ltd. Kalium Lakes has also awarded DrillCon is based in Nora, Sweden and
Primero has been engaged on an ear- a key operating contract to Toll Min- has been undertaking diamond drilling
ing Services for a range of services, across Scandinavia for more than 55
ly contractor involvement basis with the including product collection and haul- years.
group to undertake both the engineering age from the Beyondie mine site to its
design and subsequent construction of Perth depot. Metso has partnered with CRC ORE
the plant and associated site-based non-
process infrastructure. Other services under the five-year con- CRC ORE finds a friend
tract, with an option of another five years, in Metso
Novopro Projects Inc has completed include container loading and delivery for
the process modelling and flowsheets for shipping at Fremantle or Kwinana ports. The Cooperative Research Centre for
the DFS. Optimising Resource Extraction (CRC
Experienced local driller ORE) has officially welcomed leading in-
Kalium Lakes lines up set to tackle Skåne dustrial equipment and services provider
Beyondie pond supplier Metso as its newest participant.
Swedish drilling company DrillCon
Jaylon Environmental Systems Pty Ltd Group has been appointed to complete a Earlier this year, Metso joined a select
has been awarded a $15 million evapo- five-hole maiden diamond campaign for cohort of Australian and international
ration pond liner, supply and installation ScandiVanadium Ltd at the Skåne vana- METS participants to assist CRC ORE
contract for Kalium Lakes Ltd’s Beyondie dium project. achieve its goals.
SoP project.
Beginning this month, the programme Since its origins 150 years ago, Metso
The contract includes the supply, man- is expected to take three weeks to com- has provided equipment and services for
agement of delivery and installation of a plete and will comprise diamond holes several industries, including mining, and
1mm HDPE liner covering a total evapo- up to 125mm deep targeting the Hörby is at the forefront of the supply of tech-
ration area of about 400ha for the initial licence. nologically advanced mining equipment.
90,000 tpa SoP facility at Beyondie in
Western Australia’s Pilbara region. Exploration will test the thickness and Metso vice-president of innovation
grade of the vanadium-bearing dictyone- Lars Grönvall said CRC ORE’s work was
Jaylon completed the supply and in- ma seam, as well as providing core for closely aligned with his company’s vision
stallation of the liner for the project’s metallurgical test work. of being the best choice for sustainable
10ha pilot-scale ponds in 2017. processing of natural resources.

Kalium Lakes has contracted Jaylon Environmental Systems for pond liner supply and “Metso’s cutting-edge services and so-
installation at its Beyondie SoP project lutions improve availability and reliability
in minerals processing and flow control,
providing sustainable process and profit
improvements,” he said.

Nucleus Mining Logistics pNrUoCviLdEesUhSigh levels

of service to clients seeking world-class
supply chain management solutions.

greenfield exploration / construction projects / operational logistics

AUSTRALIA’S PAYDIRT AUGUST 2019 Page 119

comings and goings

Leigh Junk has resigned as Jason Grace will start as Mark Davis will depart as Alec Pismiris has been ap-
non-executive director of Sil- Sandfire Resources NL’s MMG Ltd’s executive gen- pointed a non-executive
ver Lake Resources Ltd to pur- new chief operating officer in eral manager of operations director of Frontier Resources
sue other business interests. September. Grace, who suc- (Africa, Australia, Asia) later Ltd. Pismiris is currently interim
Junk joined the board following ceeds Richard Beazley, was this year to take up another role president and chief executive of
the company’s acquisition of most recently executive gen- within the mining sector. TSXV-listed Pacton Gold Inc.
Doray Minerals. eral manager, iron ore for Min-
eral Resources Ltd. Prior to that David McAdam has stepped Oonagh Malone has been
Leigh Junk he was a senior director for Cliff down from his role as an appointed company sec-
Asia Pacific. executive director at Flinders retary of European Cobalt Ltd,
Oklo Resources Ltd has Mines Ltd, but will continue replacing David Palumbo who
appointed former Papil- Paul Atherley has resigned as chief executive. Cheryl Ed- is departing after five years in
lon Resources and Adamus as managing director of wardes has been appointed the role.
Resources boss Mark Con- Berkeley Energia Ltd to focus deputy chairperson of the com-
nelly as its new non-executive on other investments in the re- pany and will also chair its audit Martin Wood will formally
chairman, replacing Simon sources sector. The company and risk and PIOP infrastruc- depart as managing direc-
O’Loughlin. is now seeking to appoint a suit- ture committees. tor of Kogi Iron Ltd this month.
ably qualified Spanish national He will continue to assist the
Former Vital Metals Ltd man- to replace Atherley, who joined Tetsunosuke Miyawaki has company as a financial consult-
aging director Mark Strizek Berkeley four years ago. formally succeeded Ken- ant until the end of September.
has joined Lithium Australia ichiro Tsubaki as a non-ex- Non-executive director David
NL as manager, raw materials. Brendan Shalders will join ecutive director of AIM-listed Turney has agreed to fill the
Strizek will be responsible for Poseidon Nickel Ltd next IronRidge Resources Ltd. Mi- managing director’s chair on
the company’s global explora- month as its new chief financial yawaki previously served as a short-term basis while the
tion portfolio, identification of officer and company secretary. an alternate director for Tsubaki company undertakes a search
new resource opportunities Shalders was most recently a and will represent IronRidge’s of Wood’s permanent replace-
and sourcing the raw material managing director at FTI Con- strategic alliance partner Sumi- ment. Meanwhile. Ian Burston,
inputs for the development of sulting and has more than 16 tomo Corp. Kevin Joseph and Ian Whiteley
future operations using Lithium years of experience in corpo- have been appointed advisors
Australia’s proprietary acid and rate finance, accounting, risk Ian Middlemas and Gregory to the company to assist in pro-
alkaline digestion processes. management and business de- Swan have resigned from gressing the Agbaja cast steel
velopment. their respective roles as chair- project in Nigeria.
Michael Hardy has been man and company secretary
appointed non-executive Marcello Cardaci has at Cradle Resources Ltd. Chris Brett Lynch has been ap-
chairman of Titan Minerals Ltd. stepped down as a direc- Bath has been announced as pointed Sayona Mining
Hardy was a partner of Robin- tor of Cyprium Metals Ltd. Swan’s replacement. Ltd’s new managing director.
son Cox (now Clayton Utz) for A mining engineer, Lynch has
20 years before establishing Jon Price Shawn McCormick has re- more than 30 years of industry
law firm Hardy Bowen in 2002. signed as a non-executive experience, having held senior
Laurence Marsland has now Ed Turner, Adrian Byass and director of Tiger Resources Ltd, posts with MIM Holdings, New
officially joined Titan as man- Jon Price have joined King- having joined the board three Hope Corp, VLI Pty Ltd and Or-
aging director, with Matthew west Resources Ltd following years ago as the nominee for ica Ltd. Outgoing managing di-
Carr transitioning to an execu- the company’s acquisition of Resource Capital Funds. rector Dan O’Neill will continue
tive director role. In other board the Menzies gold project from in a non-executive capacity.
changes, Cameron Henry and Intermin Resources Ltd. Gale- Former Regis Resources Ltd
Robert Sckalor have stepped na Mining Ltd founders Turner boss Mark Clark has been Tempus Resources Ltd chief
down from their positions. and Byass have been appoint- unveiled as the new executive operating officer Rodrigo
ed chief executive and chair- chairman of Capricorn Metals Izurieta has been elected as a
Andy Wilde has resigned as man respectively, replacing Ltd. Clark will be joined at the principal director of the Cham-
a director of Gladiator Re- Stephen Woodham and Peter company by fellow Regis alum- ber of Mines of Ecuador. He will
sources Ltd, but will continue to Bennetto, while Intermin’s Price ni Mark Okeby. Doug Jendry be joined on the board by rep-
consult to the company on an will serve as a non-executive has stepped down as chairman resentatives from other compa-
as-needs basis. director. and will continue as a non-ex- nies active in the South Ameri-
ecutive director. can country, including BHP Ltd,
Newcrest Mining Ltd, Lundin
Mark Clark Gold plc and Codelco.

Neil Biddle has transitioned
to a non-executive role with
Bardoc Gold Ltd following the
appointment of Robert Ryan as
chief executive and Tony Lei-
bowitz as chairman. Biddle or-
chestrated the merger between
Bardoc’s predecessors Spitfire
Materials and Aphrodite Gold.

Page 120 AUGUST 2019 AUSTRALIA’S PAYDIRT

25Celebrating
Years

Est.1994

SUBSCRIBE NOW Bringing back 1994 prices!
*This offer is valid until 30th November 2019.

Australia’s Paydirt Gold Mining Journal Both

(11 editions) (4 editions) (15 editions)

Within Australia $104 $40 $144

PNG, New Zealand & Asia $164 $88 $244

Elsewhere $192 $100 $276

* Single issue price - $11.95 inc GST. 2 year subscription available.

PERSONAL DETAILS

Name:....................................................................................................................................................................... .....

Company Name:...........................................................................Position:...................................................................

Postal Address:.............................................................................................................................................................

Postcode:...................................State:..........................................Country:...................................................................

Phone:........................................Email:..........................................................................................................................

Payment METHOD

EFT Name: Paydirt Media Pty Ltd Bank: ANZ Bank Branch: West Perth

BSB: 016 498 Acc: 8371 62319

International SWIFT Code: ANZBAU3M *Please quote company name

Post Cheque Payable to: Paydirt Media Pty Ltd PO Box 1589, West Perth, Western Australia 6872

Credit Card MasterCard Visa Amex Diners
Card Number – – –
Expiry Date:

Amount: $AUD.................... Name on Card:..................................................................... CVV / CSC No:.....................

Signature:......................................................................................................................................................................
P: +61 8 9321 0355 F: +61 8 9321 0426 [email protected] www.paydirt.com.au

April – June 2018 VOLUME 1. ISSUE 131 January – March 2012 VOLUME 1. ISSUE 106 January – March 2011 VOLUME 1. ISSUE 102
$11.95 $11.95 $11.95
Registered by Australia Post PP 643938/00057
Registered by Australia Post PP 643938/00057 Precious Metals
Registered by Australia Post PP 643938/00057 Review

INCORPORATING Precious Metals REVIEW
Review
Precious Metals
Review

Our 2010
award
winners

Miner of the Year Explorer of the Year
Integra Mining Doray Minerals

Woodlark wonder: 2011 awards: Miner: Explorer:
Ampella
Geopacific’s island paradise WA regains the acclaim Silver Lake

AUSTRALIAN REVIEW AFRICAN SPOTLIGHT

ISSN 1324-4396 • NewGenGold... Exploration forum wrap-up • Paynes Find and Mutiny Gold: The Mid West gold revival
02 • West Africa: Australia’s newest gold region
• Spot gold... 2012 price predictions ISSN 1324-4396 ISSN 1324-4396
9 771324 439005 01 01

• Awards finalists... Australia’s most popular gold companiesRegistered by Australia Post PP 643938/0071. No pages or artic9les77in1t3h2is4p4u3b9li0ca0t5ion • Australian gold producers review 9 771324 439005

may be reproduced in any form without the consent of the publisher. This includes 121

AUSTR ALIA’S PAYDIRT AUGUST 2019photographseithertakenbyPaydirtMediastafforprovidedbyotherparties Page

leftfield

Australia set to lose its sparkle

Australia’s rough diamond output is set operator to restart min- Source: GlobalData, Mining Intelligence Center
to decline by 99% to 137,000ct fol- ing activities. However,
lowing the Argyle mine closure in 2021, with no immediate po-
according to mining intelligence provider tential to replace even
GlobalData. part of the output of the
Argyle mine, the coun-
Rough diamond output from Australia try’s production of rough
is currently 14.2 million ct, however, that diamonds will fall to less
will diminish significantly following the im- than 1% of the current
minent closure of Rio Tinto Ltd’s Argyle levels from 2021, with all
mine, East Kimberley, Western Australia. output solely from Merlin
Diamonds Ltd’s Merlin
Australia’s supply of rough diamonds mine, which achieved
had begun to rely entirely on the output full production during the
from Argyle after the suspension of El- third quarter of 2018,”
lendale mine in 2015, following the col- GlobalData senior min-
lapse of Kimberley Diamond Company in ing analyst Vinneth Bajaj
the same year. said.

“The WA Government, which has
conducted rehabilitation work at the El-
lendale mine, is now seeking for a new

Danakali 96-99 Managem 102 Rwenzori 94

INDEX 5, 44 Echo 10 MC Mining 90
15 Empire 14
Acacia 78 Endiama 74 Metals X 10 Sandfire 4, 9, 30, 38-39, 70,
Adriatic 94 Eramet 102
African Gold European Cobalt 120 Minara 118 110, 120
African Panther 118-119 Exxaro 90
Agrimin 114 Minbos 100-101 Saturn 15
Alligator 54 Flinders 120
Altura 62 Force 107-109 Mineral Resources 120 Sayona 120
Anadarko 90 Fortesecue
Anglo American Frontier 6-7, 27 Minotaur 8 ScandiVanadium 120
AngloGold 10, 36 120
Antofagasta 113 Galena MMG 120 Semafo 84
Areva 102 Genmin 120
Artemis 117 Gladiator 102-103 Mod 4, 9, 30, 38-39, 70 Sheffield 11, 80
Ausmex 117 Glencore
Avesoro 118 Gold Fields 120 Sherritt 80
AVZ 118 Great Boulder 106
Azumah 4, 36-37 Nelson 10 Sibanye 36
19, 24-28 Highfield 116 Newcrest 38, 117, 120
Newmont 10, 19, 36, 51 Silver Lake 120
Impala 115 Nickel Mines
Independence Northern Star 15 Sipa 10, 22, 92, 94-95
Intermin 90 Nouvelle 110
IronRidge 8,10, 84 102 South32 62, 110

Kalium Lakes 120 Southern Gold 116
Kibaran 120
Kingwest Strandline 44
Kogi 120
9 Sumitomo 120
Lithium Australia
Lucapa 120 Oklo 120 Sundance 9
Lundin 120 Orminex 14
Bardoc 120 Orion Syrah 45, 62
Mako 104, 120 Oro Verde 31, 70
Barrick 5, ,8, 36, 51, 113 Mali Lithium 72, 74-75 Oz 94-95

Base 80-82 120 8 Tando 88
Tempus 120
Battery Minerals 60, 62 84 Tethyan 113
54, 56 Theta
Bellevue 84 Tiger 86
Titan 120
Berkeley 120 Pacton 120 Toucan 120
Paladin 109 Troy 120
BHP 6-7, 120 Peak
Peel 9 8
BlackEarth 104-105 Perseus 15
Peninsula Energy 19
Black Rock 4 Petril 111
Poseidon 101
Boss 118 Predictive 120
Progress 19
Capricorn 120 19 Vale 62
Cardinal 31 Venturex 116
Carnavale Vimy 111
Centaurus 94-95 Vital 120
Chalice 112
China Molybdenum 117 Regis 120 Walkabout 4, 31, 42, 44-45
Cobre 106
Codelco 116 Resgen 90 West African 4, 31, 66, 68-69
Cradlie 120
Cyprium 120 Resolute 4, 19, 30-31, 50-51 Western Areas 9, 16
120
Rio Tinto 6, 80 90, 92, 95, 113 White Rock 110

Rincon 117 Winmar 109

Page 122 AUGUST 2019 AUSTRALIA’S PAYDIRT

Providing
Global
Mineral
Processing
Solutions

We deliver safe, quality and cost competitive
engineering solutions on time, within budget and in
accordance with client requirements. Our process
design and project delivery experience covers
precious metals, base metals, battery metals,
graphite, iron ore, mineral sands and industrial
commodities. We have a proven track record of
delivering turn-key projects in over 20 countries.

Specialists in:

Feasibility Studies
Engineering and Procurement
Construction and Commissioning
Project Management
Consulting Services

Learn more at www.gres.com.au

Perth +61 8 6272 6000 Brisbane +61 7 3838 8000

CMrienaeteGVoaldlu. e.

Syama Gold Mine Automation Centre

Mining smarter using
advanced technologies
and innovative techniques
to create sustainable value
for all stakeholders.

ASX/LSE:RSG | www.rml.com.au