pd272-Jun19-mag-web

Will Robinson has stepped down as president of the Association of Mining and Will Robinson
Exploration Companies (AMEC) after 10 years in the role, passing the torch over to Peter Bradford
Independence Group NL managing director Peter Bradford.

Robinson helped cement AMEC as a fierce industry advocate during the
Resource Super Profits Tax and Mineral Resource Rent Tax debates, with his
vocal leadership ensuring that emerging miners, juniors and mid-tiers were not
marginalised or unfairly treated.

He was also intimately involved in the creation of the Exploration Development
Incentive (EDI) and the subsequent Junior Mineral Exploration Incentive (JMEI),
both of which helped attract millions towards greenfields discovery programmes.

Robinson, who will continue to serve AMEC as a councillor, was also handpicked
to represent the industry on the Resources 2030 Taskforce last year.

“The need for industry associations like AMEC has grown over the last 10 years,
as the need for consultation and to have your finger on the policy pulse has only
gone up,” he said.

“AMEC’s members are the future of our industry. They are the risk takers and
it is through their innovation and entrepreneurial efforts that new mines are
discovered and developed, new industries are created, and the future of our
sector is secured.”

with more than 14,000m of RC and dia- “We look at the Tanami and West Arunta tion of airborne magnetics.
mond drilling planned for the first phase of and see them as one of the hottest gold dis- “We’re exposing our shareholders to re-
works. tricts in the world right now. With the suc-
cess that Newmont [Mining Corp] is having ally big prize exploration that is going to be
“Gold is always a great place for explor- at Callie and others are also having in that funded in the event of success, and we’re
ers and junior companies because it’s a region, I think it’s only just getting started.” giving our investors multiple opportunities,
field where you can monetise discoveries rather than being focused on one or two
very effectively without huge infrastructure Encounter and Newcrest also have a projects,” Robinson said.
like some of the other commodities re- project generation alliance which Robinson
quire,” Robinson said. is confident will continue to yield opportuni- “There’s actually a number of other pro-
ties for both companies to sink their teeth jects that we’re still building up through the
“We always felt a combination of base into. portfolio which we’ll talk about more as the
and precious metals was a good portfolio to year goes on, but we ultimately want to be
have. We’re very happy with where that sits At Laverton, Encounter will go it alone at the forefront of what I think is going to
at the moment and we’re obviously going to – for now – where the CSIRO’s Ultrafine+ be a wave of new discoveries being made
have probably our biggest investment in the technology will also be applied to the Naz- in WA and Australia over the next decade.”
ground ever this year with the partnerships are gold project to test a series of structural
with Newcrest and Independence. targets identified through the reinterpreta- – Michael Washbourne

Paterson patch alight

Antipa Minerals Ltd has taken its gold fields exploration to happen concurrently. 1,000m below surface – to follow.
resources in the Paterson province to In mid-May, a 20,000m greenfields air- All eyes will be on the Paterson province,
over 800,000oz.
core programme and slime line RC drilling with Rio Tinto Ltd working towards unveil-
Maiden resources for Chicken Ranch was under way testing aerial EM conduc- ing the much talked about Winu discovery
and Tim’s Dome totalling 2.6mt @ 1.3 g/t tivity targets, with the aim to be drill-testing towards the end of 2019.
gold for 104,000oz sees the company Havieron look-alike aeromagnetic anoma-
now boasting a global resource from lies. “Winu, our discovery of copper in this
three deposits of 13.6mt @ 1.9 g/t gold for State, also looks promising,” Rio Tinto chief
827,000oz, 26,4000t copper, 233,000oz Havieron is subject to an explore-and- executive J-S Jacques said in May.
silver and 4,000t cobalt. develop farm-in agreement between Great-
land Gold plc and Newcrest Mining Ltd. Last year, Rio Tinto committed some
Antipa’s resources in the Paterson are $231 million to exploration and evaluation
within 40km of Telfer. Newcrest has the right to acquire up to of greenfields projects, with a majority of
70% in a 12-block area within E45/4701, capital allocated to copper plays.
Drilling was continuing at the Minyari- which includes Havieron, by spending
WACA complex at the time of print as the $US65 million. Winu is just one of two advanced staged
company targeted further resource expan- exploration projects given “order of mag-
sion. Native Title and heritage surveys are in nitude” status by Rio Tinto, with the other
progress at Havieron, while Newcrest in- being the greenfields FalCon diamond play
Earlier this year, Antipa completed a tended to start construction of a field camp in Canada.
$5.1 million placement, which will enable last month with drilling – 10,000m to define
resource drilling programmes plus green- mineralisation along strike and at depth to At the time of print, phase two drilling at
Winu was continuing.

AUSTRALIA’S PAYDIRT JUNE 2019 Page 51

COPPER SPOTLIGHT Sipa is one of a few companies to have granted
tenements in WA’s Paterson Province

Sipa waits
for Rio

There is probably noone waiting more
patiently for Rio Tinto Ltd to get on with
its work in the Paterson province than Sipa

Resources Ltd.

At the time of print, Rio Tinto was winding

up another 5,000km line survey in the Pat-

erson where it has yet to declare how major

the copper discovery at Winu is.

Another wave of excitement in the Pat-

erson beckons when Rio Tinto eventually

decides to showcase the size of Winu, and

Sipa is priming to capitalise on the interest. Follow-up ionic leach surface sampling at is concerning to me.”
Burnett said Vidor was comfortable with
“We’re fully funded and will look to do an Obelisk is also planned to confirm the cop-
investing in jurisdictions like Australia and
airborne survey once Rio is finished with the per/polymetallic anomaly adjacent to Obe- had shown staunch support for almost 20
years.
helicopter, which is more likely to be the end lisk ahead of drilling, while 3D pole-dipole IP
“He likes jurisdictions that are more pre-
of May. Rio is doing another 5,000km line geophysics at Obelisk will take place, as will dictable, he just can’t believe our share price
is as low as it is. He’s never sold a share in
and then we will get on with our 1,000km drill testing of geochemical and geophysical us since coming on board in 2000, he’s just a
fantastic shareholder to have,” Burnett said.
line. The scale Rio is working at is unbeliev- targets courtesy of a West Australian Gov-
While Vidor is keen for Sipa to start reveal-
able. Since the announcement in Novem- ernment EIS co-funded grant. ing some of the potential prospectivity in the
Paterson, he is also afforded exposure to the
ber they have basically doubled the amount Allowing Sipa to carry out its planned $US59 million Akelikongo nickel JV with Rio
Tinto in Uganda.
of drill holes completed,” Sipa managing scope of work has been the continued sup-
Sipa is the manager of Akelikongo where
director Lynda Burnett told Paydirt. port of long-time shareholder Ervin Vidor new disseminated and massive magmatic
nickel-copper sulphide mineralisation was
Few can match the work rate of Rio Tinto, AM. recently intersected in five diamond holes.

however, an advantage Sipa has over most Through Rodiv (NSW) Pty Ltd, Vidor has Significant results included 16.4m @
0.44% nickel, 0.12% copper and 0.03% co-
peers in the Paterson is that it has granted upped his stake in Sipa and now controls balt from 274.3m, while another returned an
oxide intercept of 10m @ 0.49% nickel and
tenements to get busy on. 17.6% of the company. 0.16% copper from 29m and 10m @ 0.43%
nickel and 0.13% copper from 39-49m and
“There is room for a number of deposits Vidor’s latest increased shareholding 4m @ 0.37% nickel and 0.12% copper from
53m, which extends the near surface miner-
to be found out there, but there is not actu- in May saw almost $820,000 injected into alised zone further east, Sipa reported.

ally a lot of granted ground for people to be Sipa’s coffers; timely given the current senti- Burnett said the company could now start
to build some momentum at Akelikongo.
working on,” Burnett said. ment towards the junior sector.
“It is so nice to get some information out
Furthermore, there aren’t many compa- “We are happy now that we don’t have to there. We are aware there has been a bit of
an information void because it has taken us
nies that can boast of a significant landhold- go back to shareholders. We have enough a while to get to grips with the project. Be-
tween drilling, sending results off, getting
ing near Winu, which is 10km west of Sipa’s cash and are fully funded to get on at our two them back and then trying to understand
what they mean there has been a bit of a gap
position in the Paterson. most active projects. Investors can watch on in information flow. There will now be a bit of
news flow from the drilling, with half the re-
Sipa’s prospects near Winu include Ob- and buy on market if they want, but it is nice sults in hand and the other half still to come,”
Burnett said.
elisk, Aranea and Andromeda, with Sipa for our shareholders to watch on knowing we

preparing for a major SkyTEM airborne EM don’t have to go back to them for funding,”

survey to start at the end of May. Burnett said.

“It is pretty dire

out there, but it is

from our own do-

ing, not external

forces. It has been

our own internal

forces [as an indus-

try] with some pro-

jects out there go-

ing under because

they are high cost.

That is bad for jun-

iors like us because

investors lose con-

fidence and the – Mark Andrews

flow-on from that

Sipa’s SkyTEM plan in the Paterson Province impacts us, which

Page 52 JUNE 2019 AUSTRALIA’S PAYDIRT

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COPPER SPOTLIGHT

A nifty plan to reboot mine

Metals X Ltd scrapped hard to acquire “You can solve most problems, as long as
the Nifty copper mine three years ago you have the orebody, the people, and
and in its current state some may well ask the right actions and follow them diligently.
“was it worth it?”
see the fruits of the NRP, with stage one of Identifying additional mining fronts will
“The fundamentals of Nifty have not the turnaround set to be achieved by the of course be critical to longevity at Nifty
changed since we acquired the project in March 2020 quarter. The target by then is and exploration drilling will ramp up in the
2016,” new Metals X managing director a throughput rate of 2 mtpa for 28,000 tpa next 12 months, with the company looking
Damien Marantelli told Paydirt. copper at AISC of $6,800-7,300/t. to undertake 18,000m of resource drilling
per year.
“Nifty is still highlighted by a quality ore- Capex requirements will be funded
body with significant geological upside through cash flow and an existing modi- Furthermore, the budget for regional
and established infrastructure. What Nifty fied debt facility. exploration activities will increase in time
has lacked is execution and the right plan with Metals X allocating $16 million to dedi-
for growing the operation and delivering It has been estimated that $27 million cated programmes in the next three years.
long-term value. The Nifty Reset Plan over three years will be required for Nifty to
[NRP] is a two-staged approach to deliver- expand throughput to 2.5 mtpa for 35,000 “The reset plan is a credible and achiev-
ing Nifty into a long-term, profitable copper tpa copper from the March 2021 quarter. able plan and we have the right team to
operation.”

Marantelli, who started as Metals X
managing director in November, has spent
the last 12 years abroad – namely Africa,
South America and Canada – and held
steadfast in some challenging jurisdictions
and operations.

With a pedigree in operations, Maran-
telli’s uncompromising strategy geared to-
wards “plan, check, do, act” bodes well for
Nifty’s future.

“Nifty has suffered from a number of
legacy issues, as well as inadequate plan-
ning and focus, poor decision-making and
poor planning. We acknowledge this, and
what we have been working on over the
past four months is a plan that will ensure
Nifty has the right team, the right focus
and the right roadmap in place to unlock
the considerable value of the operation,”
Marantelli said.

“When I joined Cobre Le Scrusous in
Spain, the operation was just coming out
of its commissioning phase. It had some
serious operational, technical, and con-
struction issues. The plant hadn’t been
constructed very well and it took two years
to address those problems. At the end of
that two-year period we achieved name-
plate capacity over a six-month period and
that mine continues to perform. You can
solve most problems, as long as you have
the orebody, the people and the right ac-
tions and follow them diligently.

“For me, it is all around plan, check, do,
act. You follow that strategy and you will
continue to move up the curve. How fast
you move up the curve will depend on how
you plan and how fast you do, but you must
have that mentality. Our issue with Nifty is
that we have effectively lost those first two
years since the purchase and now have
less time to do what needs to be done.
That’s the urgency this team now has.”

Onlookers won’t have to wait too long to

Page 54 JUNE 2019 AUSTRALIA’S PAYDIRT

CEO role and I am coming in at a challeng-

ing time, but I am certainly up for the chal-

lenge. Metals X has two outstanding base

metals operations, a highly prospective

project portfolio and I am fortunate enough

to have a highly-experienced team around

me,” Marantelli said.

“I don’t think you can expect sharehold-

ers to turn around and say we will forgive

everything that has happened. I don’t think

you can expect a clean slate. I think what

you can expect is that people will under-

stand that it still takes time to address is-

sues that need to be addressed. Now that

we have explained the NRP to the market,

what will be critical is demonstrating our

progress.

“I believe the third clear expectation will

be based on the executives and their abil-

Metals X is targeting the March quarter 2021 to have Nifty functioning ity to re-establish credibility in the market.

at a throughput rate of 2.5 mtpa for 35,000 tpa copper We have a relatively new team, but I can

assure you we are all extremely excited

execute,” Marantelli said. material at Renison. We have 50% owner- about the plan, and have worked tirelessly
Given the attention to detail required ship in Australia’s largest tin operation and over the last four months to make sure we
we need to make sure the market has a provide the best platform for Nifty to grow
at Nifty, about 70% of management time clear understanding of the opportunity at into a long-term, profitable copper opera-
will be focused on turning the fortunes of Renison and what it looks like as we go tion, and to also deliver long-term value to
the mine around, while due respect will be forward,” Marantelli said. our shareholder base.”
given to the activities and opportunities at

Renison and Wingellina. Tin and copper are commodities ear- – Mark Andrews
Until Nifty is turned around, Metals X marked to be in high demand, as they are

needs to be savvy with its cash, however, integral to the new wave of emerging en-

Marantelli is conscious of the need to show ergy efficient technologies.

the market a clear path at the Renison JV Marantelli be-

in Tasmania. lieves the funda- As well as a new-look executive team at Metals X, there has been

At the time of print, five drill holes for mentals driving significant changes to the team on the ground at Nifty

1,772m had been completed at the new demand for both

Bell 50 target, down plunge from the high- tin and copper are

grade Area 5, with all holes intersecting tin. strong, giving Met-

Highlights from drilling results an- als X a fair chance

nounced included 10.3m @ 7.65% tin from of re-emerging as a

259m, 3.7m @ 6.78% from 223.2m, 10m base metals miner

@ 2.47% from 203m and 5.7m @ 1.74% of choice in due

from 255.1m. course.

The results indicate that a further 200m However, he is

down-plunge extension of the Area 5 sys- not expecting that

tem is possible, with more drilling sched- the company’s re-

uled for the second half of 2019, in addition cent history to be

to grade control and resource definition forgotten and fully

programmes at Area 5 and Leatherwood. appreciates the task

“We need to outline a detailed mine plan ahead for Metals X.

which takes into account the high-grade “This is my first

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AUSTRALIA’S PAYDIRT JUNE 2019 Page 55

COPPER SPOTLIGHT

Emmerson accepts
porphyry challenge

Chasing porphyry copper discoveries is not Emmerson has teamed with academics “We are very nimble, we will take things to a
for the faint-heated and it requires an am- from the University of Tasmania, via the ARC certain point in time, but if we don’t reach the

bitious junior to take on such a challenge. Linkage programme, to trial “cutting-edge” success milestones, then the tap gets turned

Juniors do, however, play a crucial role dur- techniques designed to reduce the time and off and we go to our next project.”

ing the early stages of exploration for such cost it typically takes to uncover porphyry de- With $2.3 million in the bank at the end of

deposits and Emmerson Resources Ltd is posits. the March quarter and cash set to regularly

seeking to do just that in New South Wales. Results to date have supported the appli- come in via royalties from small-scale pro-

“I think there’s a hell of a lot of potential, cation of those techniques on Emmerson’s duction on its ground in the Northern Territory,

particularly in the Macquarie Arc/ Emmerson appears well funded to

Lachlan Fold Belt where we are, for carry out is exploration ambitions in

a lot more discoveries, so that’s the NSW.

reason we went there three years Bills said the company was not

ago,” Emmerson managing direc- rushing to sign up a JV partner for

tor Rob Bills told Paydirt. its NSW projects despite fielding

“If you look at the discoveries interest from majors currently active

that have been made there, there’s in the region.

been some world-class ones, Ca- “Porphyry deposits, by their very

dia-Ridgeway in particular, but the nature, cluster so generally when

sort of rocks that they are hosted you find one there’s more,” he said.

in, if you put them at the surface “There is an argument to say that

anywhere else in the world, they if someone has found one, then

would have already been found. you pick up the ground around it

That’s why this sort of exploration and there’s a chance you will find

is so hard and why they cost a lot of more…but we’re actually hoping

money to actually discover.” Emmerson NSW exploration manager Ana Liza Cuison shows the that we’ve found one and hopefully
Emmerson picked up a suite of Whatling Hill drill core to local landowners John and Carol Ann there’s going to be more within our
Whatling (Kadungle Valley) and Richard Harper (Forrest View) area.”
exploration projects in NSW in ear-
ly 2016, having identified prospec- While Whatling Hill is command-

tive tenure on open ground through ing the company’s immediate at-

its strategic alliance with data ana- tention in NSW, Bills is also keen to

lytical specialists Kenex Ltd. follow up on other promising early

It has been a long gestation results from the Kiola and Kadungle

period for Emmerson since the prospects. Further geophysics will

initial acquisition as multiple levels be run ahead of selecting potential

of data still needed to be pulled drill targets.

together to complete the package In the Northern Territory, Emm-

for geophysics and drilling, but the erson has poured its first gold bars

company looks set to soon be re- from the Edna Beryl small mine via

warded for its patience. is strategic alliance with Territory

First-pass diamond drilling at the Resources Ltd.

Whatling Hill prospect – part of the Some 3,000t with an average

Fifield project which Emmerson head grade of 30 g/t was toll-treated

earmarked as its highest priority – over the border in Cloncurry due to

intersected 14m of chalcopyrite-py- the mothballed Warrego mill still be-
First-pass drilling at Emmerson’s Whatling Hill project in NSW ing refurbished.
rite-quartz veins and stockworks.

Sporadic veins of chalcopyrite, py- “I think the fact that you can truck

rite and locally molybdenite, sphal- the ore across to Cloncurry and

erite and galena were also observed. Assay ground, while also reinforcing the belief the make money is testament to how robust the

results were due at the time of print. belt which hosts its projects is prospective finances are around this 30 g/t ore,” Bills said.

“From the alteration and from what we’ve for prospective for porphyry copper-gold and “The strategy there is to have a number of

drilled, we’ve certainly intersected a porphyry epithermal gold-silver mineralisation. these small mines producing and we take a

copper system, but we’re on the periphery, Bills said the company would continue to royalty. We don’t actually do the development,

we’re not in the core of the system,” Bills said. apply a milestone-based approach to its work mining or processing, it’s done by our partner

“This is a very, very encouraging result in in NSW. and we just get a royalty which we can put

terms of actually intersecting a porphyry sys- “Each stage has to reach a successful out- back into our own exploration plans.”

tem. The question now is where is the core of come before we move to the next stage,” he – Michael Washbourne
the system and where do we drill next.” said.

Page 56 JUNE 2019 AUSTRALIA’S PAYDIRT

Venturex prepares to spring
into development

After nearly a decade working on the “The 30,000 tpa copper produc-
project, Venturex Resources Ltd is
closer than ever to realising both near and tion profile is for 10-12 years at Sulphur
long-term plans for its Sulphur Springs
copper-zinc development. Springs and Kangaroo Caves but we

Venturex released a positive DFS for want to grow not only the deposits but the
the Pilbara base metals project in Octo-
ber last year and is now narrowing down whole trend,” Saverimutto said. “Once
its financing options while it awaits final
government approvals for development. the capital is sunk, the threshold for de-

Venturex managing director Ajanth veloping other deposits we find is lower.”
(AJ) Saverimutto told Paydirt the com-
pany was entertaining an array of options The chance of finding further deposits
to meet Sulphur Springs’ $169 million
price tag. appears high with the company prepar-

“We are looking at a number of fund- ing to expand its exploration push along
ing options; conventional bank debt, bonds,
strategic partners, offtake financiers,” the sparsely drilled Panorama trend VMS
Saverimutto said. “All the options are in play
but at the moment we don’t have to lock corridor.
anything in.”
“Sulphur Springs has had 90% of the
Paramount in Venturex’s decisions will be
the best debt solution for Sulphur Springs, drilling; we haven’t had the money to
not the easiest.
spend elsewhere,” Saverimutto said. “But
“Off-takers are offering a lot of money but
it is more debt, so it just depends on what Recent rock chip sampling of a cuprite- VMS deposits tend to form in clusters
the board and company is comfortable tak- malachite gossan at the Breakers prospect so we want to bring up some of these
ing that debt-to-equity ratio to,” Saverimutto other prospects which haven’t received
said. returned values of up to 36.7% copper any drilling in the past 20 years. At the

The company also has the Federal Gov- same time, we want to grow the Sulphur
ernment’s Northern Australia Infrastructure
Fund in its sights. By then, the company may have shaved Springs resource, much like what has

“They’ve said we meet the criteria for further costs off the overall capex thanks to happened at Golden Grove.”
their investment so we are working closely
with NAIF to get funding, which comes at a the deployment of an early contractor en- Venturex geology manager Luke Gibson
cheaper rate than the banks,” Saverimutto
said. gagement strategy. Venturex launched the has taken encouragement from low-cost

Indications are that the project could official plant construction tender process in exploration with a recent rock chip sampling
carry 60-65% debt, leaving Venturex (cur-
rently market capped at $53 million) $60-65 February in an attempt to identify additional programme highlighting the opportunity on
million to be funded through equity. Saveri-
mutto explained equity options were just as savings before construction begins. offer along the Panorama trend corridor.
plentiful.
“The purpose of this process is to provide Sampling of a cuprite-malachite gossan
“There will be an amount that has to be
raised through equity but we are confident potential plant constructors with the oppor- at the Breakers prospect – 15km south of
we will receive support from our existing
shareholders for that,” he said. “The other tunity to further optimise plant construction Sulphur Springs – returned values of up to
option we are looking at is a strategic part-
ner, as Gold Road [Resources Ltd] did at methodologies and timelines and gain a 36.7% copper, 0.42% zinc, 0.19% lead and
Gruyere, which is very interesting because
they come in at a premium.” deeper understanding of both project and 124 ppm silver.

Regardless of the chosen path, Venturex company goals in relation to implementa- Gibson said the high copper values were
is eager to finalise project financing as soon
as the EPA grants approval. tion and construction,” Saverimutto said. promising.

“A lot of these financing options are a long “We will definitely see more savings on “Breakers was drilled in the 90s, produc-
way down the track and will certainly hap-
pen very quickly once the environmental both opex and capex. We saved $20 million ing a hit of 22m @ 4% zinc and 10 g/t sil-
approvals are in place,” Saverimutto said.
on capex in the DFS and we used some ver but there was no copper in it,” he said.

very conservative assumptions and the “The rock chip sampling confirmed there is

early contractor engagement model will al- copper in the system so it has to have been

low us to find more savings on both capex mobilised from somewhere.”

and opex.” Gibson has planned a RC drilling pro-

Among the opex initiatives is an investi- gramme to test the prospect with the aim

gation into the use of gas-generated power, of repeating or getting close to the historical

potentially delivering more than $10 million results, only with more copper this time.

in annual savings. The RC programme – comprising 3,000-

“Typically power costs are based on 26c/ 5,000m of drilling at Sulphur Springs and

KwH, currently we are looking at 16c for gas Breakers – will start post-cyclone season

and if we can get the pipeline close to the and once access is completed.

area it will be about 9c,” Saverimutto said. Ultimately, Saverimutto would like to see

Driving cash costs down could have the entire 27km-long Panorama trend test-

longer term benefits for Sulphur Springs. ed for further VMS occurrences.

While the DFS focused solely on a 10-year “We have locked up the majority of the

mine life from the main Sulphur Springs and trend and hope eventually to be a self-fund-

Kangaroo Caves deposits, Venturex is con- ed explorer,” he said, before reasserting the

fident of finding more tonnes to fill the pro- company’s priorities. “But first, we have got

posed 1.25 mtpa processing plant in later to get going at Sulphur Springs.”

years. – Dominic Piper

AUSTRALIA’S PAYDIRT JUNE 2019 Page 57

MINING SERVICES

Australia’s METS potential
continues to grow

The opportunity for budding Australian mining services
companies is wider than it has ever been, according
to a leading sector investor.

Jolimont Global Mining Systems – a JV Jolimont’s most recent investment – €4 “The megatrends – from developments
fund between Jolimont Capital and Re- million in Spanish radar technology com- in SX-EW to asteroid mining – they attract
sources Capital Fund – has a portfolio of pany indurad – demonstrated the fund’s in- the big OEMs who are trying to find in-
nine METS investments and director Lex vestment ethos, McArthur said. The Span- dustry-wide solutions so that would mean
McArthur believes there couldn’t be a bet- ish group is a global leader in radar-based METS companies competing directly with
ter time to be involved in the sector. automation and productivity solutions with them,” McArthur said. “Our companies
its patented 2D and 3D radar systems provide linkages between those solutions.
“We are very excited by what we are installed at mining operations and ports They are not as obvious and are perhaps
seeing. We think it is going to be a good worldwide to increase ore throughput and too niche for the big OEMs.”
time forever,” McArthur told Paydirt. “The minimise downtime and collisions.
world of mining is not getting simpler; Providing niche solutions which can be
grades are going down, underground “Bringing Jolimont on board as share- adapted to different operating systems is
mining is becoming more difficult, envi- holders represents a significant step in also a key characteristic of Jolimont invest-
ronmental regulations are tightening. We our strategy to build the company to €50 ments.
can’t solve any of these issues with more million in revenue,” indurad chief executive
people, only with more technology.” Reik Winkel said, adding the key reason In April, Canadian company Newtrax
for selecting Jolimont as an investor was was acquired by Swedish METS giant
Lex McArthur their strong network in the mining indus- Sandvik. With the help of Jolimont’s invest-
try and deep understanding of innovative ment, Newtrax had developed the Mine-
technologies. Hop™ wireless networking platform. The
platform is designed to extend network
“The three things we focus on are a big connectivity in active mining areas where
market opportunity, a solution or product permanent communications infrastructure
which enables quick implementation and is not yet installed, is not economically vi-
payback,” McArthur said. “And, we like able or could get damaged from blasting.
to find companies when they have plus-
$2 million turnover and are at or close to “By combining our current offering Op-
profitability and have a product in the early tiMine® with the Newtrax offering we can
growth phase.” help customers achieve a more efficient
use of their resources. The system is ag-
indurad’s specialty offering is also in nostic to network or brand of equipment,
keeping with Jolimont’s preference for facilitating a flexible customer solution,”
gaps in the market. Sandvik Rock Drills and Technologies Di-

Jolimont Global’s Portfolio

Newtrax APE Mobile BMT SciApps Minnovare Mining & Civil

Newtrax’s unique MineHop™ APE Mobile has The Blast Movement SciAps is an instrumentation Minnovare’s ground-breaking
wireless networking platform developed a “paperless Monitoring (BMM) system company specialising in product, the Azimuth Aligner,
is designed to extend network site” software application from BMT comprises handheld instruments is delivering unprecedented
connectivity in active mining used by construction and transponders, a specialised that are used to identify efficiency to the underground
areas where permanent engineering contractors, portable detector and compounds, minerals, and drilling process, by
communications infrastructure resources services and proprietary software. The elements, both on-site and in substantially reducing rig set-
is not yet installed, is not mining companies to more transponders are placed real-time. Its flagship product up time. The Azimuth Aligner
economically viable or could efficiently manage site in the rock prior to blasting for the mining sector is the enables a drill rig operator to
get damaged from blasting. documents and processes and located after the blast LIBZ Z – a family of handheld achieve correct orientation in
MineHop™ complements on iPads and web devices using the detector. Software elemental analysers using up to 90% less time compared
other networks, with a unique calculates the movement the spectroscopic technique to traditional labour intensive
feature – no wires for power. vectors to determine the ore’s known as laser-induced manual alignment methods –
The wireless nodes are location after the blast. By breakdown spectroscopy which typically include a string
installed in seconds with only monitoring the movement line, plum bob and surveyor.
a tie-wrap and can be daisy of rock from blasting, the In addition, it is an enabling
chained all the way up to the location of valuable ore is technology for the introduction
face by operators, without known, allowing effective of autonomous, semi-
assistance from electricians or selective mining autonomous and remotely
IT professionals operated rigs

Page 58 JUNE 2019 AUSTRALIA’S PAYDIRT

Among Jolimont Global’s most successful
METS investments has been Minnovare Mining
& Civil and its Pro-Optimiser rig technology

vision president Patrick Murphy said at the munity needs and lowering the footprint; have seen more than 800 companies in the
time of the acquisition. these technologies are showing it is possi- last five years so we have a good handle on
ble to lower the impact of mining,” he said. the sector and which of those companies
McArthur said Sandvik had been attract- are looking for capital.”
ed by Newtrax’s interoperability between The mining sector is going through a rap-
platforms, a rarity when the OEMs are in- id technological transformation after dec- Australia is thriving as a METS hub with
volved in technological innovation. ades of stasis among the industry’s major state and federal governments committing
companies. McArthur believes it is a new policy and budget support to the sector.
The rapid increase in new technology generation of miners which is driving the McArthur believes the industry’s horizons
has some analysts predicting the mines of change in attitude. should be even wider.
the future will all apply standardised tech-
nology but McArthur believes niche prod- “The Tier 1 companies are slow to adopt “Australia is a leader in METS innovation
ucts will always thrive. but the mid-tiers such as Northern Star with Perth and Brisbane in particular up
[Resources Ltd], Evolution Mining [Ltd], there with Vancouver, Toronto and Stock-
“There is not going to be one huge so- OceanaGold [Corp] have shown a real will- holm. We have found deal flow in all those
lution for everything in mining,” he said. ingness and increased their innovation and centres but six of our nine investments are
“People think mining is eventually going to our companies are focused on those com- from Australia,” McArthur said.
be a rock factory but while you have vari- panies. The Tier 1 will eventually adopt the
ability in orebodies and mineralogy, you will changes,” McArthur said. “It is a great space to be in but ideally we
have variability in mining techniques so a would see some multibillion dollar METS
single solution won’t happen.” As the world’s leading METS investment companies coming out of Australia in the
group, Jolimont doesn’t struggle to identify next few years to compete with the likes
McArthur has also recognised a trend to- new opportunities. of Sandvik, Atlas Copco and Metso. We
wards solutions which offer more than pure should have at least one or two like that.”
economic advantages. “The good companies find us and there
are not many we haven’t seen or who – Dominic Piper
“People are increasingly looking for min- haven’t heard of us,” McArthur said. “We
ing solutions that are interlinked with com-

SmartCap Commit Works QuickSafety indurad

Founded in 2009, Commit Works has QuickSafety’s cloud-based indurad is the global leader
SmartCap Technologies pioneered a suite of software tools provide in radar-based automation
is an innovative wearables innovations that help electrical contractors with and productivity solutions for
company located in operations coordinate and safety alerts in real time mine sites, train loadouts,
Brisbane, Australia. The manage frontline work. and ongoing electrical stockyard equipment and
technology behind Life The company makes compliance management. ship-loading facilities. Their
by SmartCap was initially frontline work management, Electrical circuitry is a critical patented 2D and 3D radar
developed to overcome short interval control asset of operating mines and systems are installed at
the limitations of fatigue and visual management QuickSafety enables 24/7 mining operations and ports
monitoring technologies. software that are delivering availability and monitoring worldwide to increase ore
SmartCap is used by significant productivity and throughput and minimise
some of the world’s largest safety results for 60% of downtime and collisions
companies and has the world’s largest miners
expanded beyond mining

AUSTRALIA’S PAYDIRT JUNE 2019 Page 59

MINING SERVICES

Mintrex engineers success

In recent times, Mintrex has been
involved with the AngloGold Ashanti

Ltd-managed Tropicana gold JV

From the historic epicentre of mining in Western Australia to the gold-rich fields of
West Africa and beyond, Mintrex has established a footing in the industry as the
trusted advisor in engineering mines for the next generation.

In an age where every aspect of min- reduce capital risk by converting ideas Resources Pty Ltd’s Kirkalocka gold
ing is analysed to the nth degree, Mint- into effective investments through its project major upgrade and new SAG
rex knows maintaining its well-respected engineering consulting, project manage- mill installation, Gold Fields Australia
status means having honest conversa- ment and site support repertoire. Ltd’s Agnew village and West African
tions with its clients is essential. Resources Ltd’s Sanbrado gold project
In recent times, Mintrex has been in- in Burkina Faso.
“Our strap line is: Engineering your volved with the AngloGold Ashanti Ltd-
success. We really understand that we managed Tropicana gold JV, Adaman Mintrex – the name born from Mineral
only succeed through our clients suc- Treatment Expertise – boasts a diversi-
ceeding and that mindset guides our de- Fiona Morgan fied project pipeline and history covering
livery,” Mintrex managing director Fiona many commodities in the periodic table
Morgan told Paydirt. and jurisdictions like Norway, Cambodia,
Philippines, Mexico, parts of West and
“We will give clients the hard news if Central Africa and Australia.
we believe that they are not quite ready
to develop yet, because we think that is Morgan said the company was open
the most responsible thing to do at the to supporting clients on most ventures
time. And we will work hard to minimise and believed there were ways of man-
their costs and whole of project risk. Our aging jurisdictional risk and keeping its
clients absolutely trust that we’re acting people safe.
in their best interest because our inter-
ests are served by them succeeding.” “We do assess risk to our people, but
the biggest risk in mining is the asset risk
Mintrex’s mantra has held it in good followed by the commodity pricing risk,”
stead since launching in the Kalgoorlie Morgan said.
gold and nickel fields in 1984.
“We have helped clients deliver pro-
With a broad base of mining and re- jects that have been on hold due to politi-
sources expertise across the business, cal situations in country, but when the sit-
including competent persons to define uation has changed projects have been
resource mitigating factors, Mintrex’s able to get away and become extremely
emphasis is on assisting companies to successful; Bonikro [Cote d’Ivoire] and

Page 60 JUNE 2019 AUSTRALIA’S PAYDIRT

Fil Resnik

Yaramoko [Burkina Faso] are examples.” both deliver more effectively and more munity. I think that is a big part of the
By setting clear expectations early, efficiently.” WASM Alumni’s focus and their initiatives
to get that message out,” Resnik said.
Mintrex believes open and honest dia- Operating environments are also
logue with its clients is achieved and where mining companies can afford to Morgan agreed and said that it impor-
greater transparency is the result. Pro- innovate, Morgan said. tant for all mining professionals to edu-
ject management and reporting exper- cate those around them.
tise contributes to that trust. “In terms of innovative breakthroughs,
I think they come as often from a coordi- “You want to attract sharp new minds
Harnessing tight-knit relationships al- nated sum of many little efforts as from to add to the really excellent people al-
lows Mintrex to collaborate on ideas with single large changes. Something that is ready in the industry. I think it will be a
its clients who welcome the engagement very significant for an individual client fairly transient thing as long as we take
to achieve mutually beneficial outcomes. might be the realisation that a gravity cir- action,” she said.
cuit could now add value. Whilst it’s not
While innovation and technology are new technology, the application can be “It takes each of us to talk about how
accepted as key to the future success of an innovation,” she said. great the industry can be and then show
the industry, Morgan has noticed that at- it is and make the connection for our
tention to detail has borne great fruit for “People are collecting and using data community between mining and improve-
its clients as opposed to the implementa- in innovative ways, but it should be done ments in their lives. Mintrex is proud to
tion of big ticket innovations, particularly with intent – with an outcome in mind.” support mining companies to deliver reli-
at brownfields sites where Mintrex has ably and efficiently.”
carved a niche. Implementing and using real time data
tools, which effectively has enabled
“We are strong in brownfields design technologies such as ore sorting to take
which is harder to get right than working off, was identified by Morgan as a step-
from a blank canvas,” Morgan said. “It change for an industry still working out
is where the operators are dealing with how to attract the next generation of min-
issues every day; where the real work ing people to the sector.
solutions are found. Working in those
environments keeps us in contact with Mintrex business development engi-
the many practical, intelligent and adapt- neer Fil Resnik, a West Australian School
able people who translate mining activ- of Mines (WASM) graduate, said primary
ity into useful product. Their operations school children needed to be educated
and maintenance knowledge together on the benefits of mining.
with our design knowledge can help us
“I don’t think there is enough being
taught on how mining benefits the com-

Mintrex’s wealth of experience sees it
perform at the bottom end of the cost

bell curve, which is achieved by a
simplified approach to taking costs

out of operations

AUSTRALIA’S PAYDIRT JUNE 2019 Page 61

MINING SERVICES

Coring the unrecoverable

When Paul Van Loenhout founded a crew of about 30 people operating technical and water well drilling.
Mt Magnet Drilling almost four dec- 10 rigs which typically service isolated Van Loenhout said his company was
ades ago, rigs were typically operated projects in WA, South Australia and the
and maintained by a single person and Northern Territory. more than comfortable taking on chal-
standard equipment rarely needed up- lenging jobs, or what he described as
grading with a 20-year lifecycle. Mt Magnet’s fleet includes a newly- “coring the so-called unrecoverable”.
built, multi-purpose RCD500 rig which
Fast-forward to 2019 and the industry is easily interchangeable from a truck “Our guys can do this because of their
has undergone some massive changes. to a track base and capable of drilling to patience and their integrity and their
Most drillers manage a fleet of rigs and depths of 500m. It is also equipped with work ethic,” he said.
equipment is replaced and modernised the latest safety innovations, including
after only 4-5 years. rod retention, remote radio-controlled “Over the years we’ve adapted, we’ve
rod handling, fire suppression and rota- modernised the fleet, we do lots of in-
There is also a greater emphasis on tional interlock lock-out. house training with our people, and just
safety – a positive change which Van focused on the smaller, more isolated
Loenhout says has come about from the The RCD500 rig was developed on the jobs.
high standards set by the likes of Rio Tin- back of discussions with clients Pilbara
to Ltd and BHP Ltd. Minerals Ltd and Altura Mining Ltd which “We’ll go to different areas where other
have neighbouring lithium projects in the companies don’t want to go. We’ve done
“A lot of the mid-tiers that we work for Pilbara, both of which are hosted on un- some of the more isolated jobs in the
have now adopted the BHP/Rio-type even terrain. Kimberley and the Pilbara, for example.
standards, so everyone expects a very The ups and downs of it all have been
high standard of drilling rig,” Van Loen- “I saw it as a bit of a niche market for very exciting.”
hout told Paydirt. us,” Van Loenhout said. “A lot of the big-
ger companies will have two rigs – a Van Loenhout said while the basic
“These days there’s a lot of retro-fitting track rig and a rubber-tyred rig, whereas composition of drilling rigs have not
and a lot of standards we need to get up us mid-tier guys don’t have the luxury of changed a great deal during his four
to, but at the end of the day we respond the two rigs. decades in the industry, the shift towards
to what clients want. mechanisation and automation in recent
“Pilbara and Altura have varying ter- years has been dramatic.
“We’ve put a tractor rig together for rain; it’s hilly terrain, but they also have
South32 [Ltd] to go down to Boddington pit work and they also have regional Smart technologies which enhance
and that’s been quite a large process to work. So, as a concept, we put this rig drilling performance are also something
get it to their standard. Everyone has to together that can be jacked up and trans- the industry has learned to embrace, he
work together – the mining companies ported from the truck to the track in a said.
and the drillers – to get the required re- very short time. We see this as a bit of a
sult.” game changer for us.” “Probably the biggest game changer
for us would be a televised-type ap-
Van Loenhout established Mt Magnet Mt Magnet’s services include all types proach to the drilling, so in a Perth loca-
Drilling in 1981, originally based out of of drilling, from standard aircore, RC and tion you can be viewing what the guys
the historic West Australian mining town diamond drilling to more specialist geo- are doing on site and if they have prob-
which bears its name. Today he employs lems they can be solved by someone
more senior in the office,” he said.
Mt Magnet Drilling has added a new multi-purpose RCD500 rig to its fleet
“So, rather than getting too mecha-
nised and being away from the site, in-
troducing vision so that other people can
look at what’s going on.”

With some consolidation starting to
take shape in the drilling industry – Strike
Drilling and Ranger Drilling have joined
the DDH1 Drilling group of companies
in the past year – Van Loenhout said his
business, while unlikely to upsize, need-
ed to strive for a consistently high stand-
ard of service to remain competitive.

“We want to modernise some of the
fleet and get fully compliant with every
rig, so we can actually get up to the high-
er standards required by the Rios and
the BHPs of the world,” he said.

“It seems to me that the migration of
the safety people from the larger organi-
sation to the smaller organisations have
brought a lot of these standards with
them. It’s very good now and it’s been a
welcome change.”

– Michael Washbourne

Page 62 JUNE 2019 AUSTRALIA’S PAYDIRT

Wherever we are...
trend with us

#paydirtmedia #magazines #conferences

Paydirt senior journalist Michael Washbourne at Nusantara Resources Ltd’s
Awak Mas gold project, Indonesia in 2019

MINING SERVICES

Zenith powers ahead of time

Few companies connected with the resources sector can attest to performing well
above expectations in the past two years, let alone a new float making its way
as a public company.

Amid a quiet time in mining and re- With a wealth of experience in provid- came up with a solution – a dual fuel/
sources, Zenith Energy Ltd came to ing energy solutions, Zenith is well on gas-fired power station across DPS and
the ASX in May 2017 looking for balance the way to becoming Australia’s leading Granites – with an interconnector giving
sheet strength to serve a market looking independent power producer. them triple redundancy,” Moffat said.
to improve efficiencies and lower costs
throughout operations. When Paydirt spoke with Moffat last “There is a very high security of supply,
month, a placement of $25 million had which was extremely important to them,
The result of bringing a successful been completed with relative ease, such and we have also managed to drive their
private entity into the public domain has is the traction Zenith is garnering in the cost of energy down 20% and their emis-
been Zenith doubling its book from a total sector at the moment. sions down 20%, supported by the New-
of six projects to 13 and projected rev- mont release to the New York Stock Ex-
enues of $55 million in FY2019. Just as investors were showing a will- change in March.”
ingness to support Zenith, the company’s
It has been a pleasant experience thus single biggest project to date – a 62MW Now that Tanami is in play, Zenith has
far in the resources sector for Zenith, power station at Newmont Mining Corp’s 219MW of contracted build-own-operate
which is served by a board and manage- Tanami gold mine in the Northern Terri- (BOO) capacity and a total of 438MW of
ment team including the likes of Doug tory – had just been commissioned. total power generation capacity under
Walker (executive chairman), Hamish control.
Moffat (managing director), Peter Torre “Originally they [Newmont] went to
(non-executive director), David Riek- tender for a traditional diesel-fired pow- Having satisfied the mandate for New-
ie (non-executive director), Rebecca er station leading up to Zenith being mont at Tanami within an ambitious time-
Stringer-Klein (chief financial officer and awarded the contract. We managed to line, Zenith is powering along with its
company secretary) and Graham Coop- work with the team at Tanami and iden- business strategy.
er (chief operating officer). tify where they were going and what it
was they actually wanted to achieve. We “I can say categorically, that we have
exceeded all of our objectives to date.

Page 64 JUNE 2019 AUSTRALIA’S PAYDIRT

With the Tanami project Hamish Moffat have been making promises in the past
now fully commissioned, and felt that probably haven’t met those
Zenith has 219MW of market power model at the project. promises; they need better assurances.
contracted build-own- “IGO are very forward looking and are IGO were certainly cautious, with Nova
operate (BOO) capacity being a relatively new site, but having said
and a total of 438MW of prepared to take more calculated risk than that the team are very forward looking and
total power generation some of the other clients. Nova is our first happy to push the boundaries with new
capacity under control hybrid project and what we describe as the technology.”
first true, commercially-funded hybrid die-
We mapped out a five- sel-solar PV project in the country,” Moffat Typically, energy accounts for about
year strategy, which we said. 30% of C1 costs at hard rock mines, there-
completed last year, and fore it is easy to fathom why companies
we are probably running “We have been able to save the client a like IGO welcome the innovative practices
18-24 months ahead of significant amount of money on diesel by and smarts of companies pushing the en-
that strategy,” Moffat the insertion of the solar. We have devel- velope like Zenith is.
said. oped control systems technology and gen-
erational technology, so we can essentially Zenith’s ability to deliver beyond expec-
“That strategy saw us operate a solar farm as a power station. tations has now raised the bar for what it
moving from our exist- Our diesel-fired station is standalone, but can achieve in the energy space where the
ing base into new cli- we can insert those two different genera- future is effectively linked to renewables.
ents and geographies tion sources directly up against the client’s
progressively over five demand very efficiently without the need “A lot of people think about renewables
years. We are already for battery storage. as essentially being able to replace tradi-
into new geographies, tional fossil fuel generation; this isn’t the
new clients and materi- “Ultimately it will be very important to the case yet. The opportunity that we see with
ally expanding the busi- whole market space and our belief is that renewables is as a fuel offset; it is about
ness to be three times there are a lot of people watching to see reducing your fossil fuel burn and costs as-
bigger than when we how it goes. I think there is a section of the sociated with that,” Moffat said.
listed.” market that is still a little bit sceptical and
have been looking at other projects that “We believe you just can’t rely solely on
The next step Zenith renewables right now and the reason we
wants to take in terms advocate that is primarily around battery
of growth is in vertical storage technology being where it needs
adjacencies, as Moffat to be – from both a cost and operability
explains. point of view, at this point in time. That will
come, but it is not there yet.
“To date, all our work
has been around oil and “If you look at a typical battery storage
gas and the mineral re- solution on a capacity like-for-like basis it
sources business. The is roughly six times the capital intensity of
next vertical adjacency traditional thermal generation fossil fuel
we are looking to push solutions. Of course, renewables don’t
into are micro-grids, and produce power 24/7 so you need that base
providing energy to com- load capacity and thermal generation to
munities. We want to be able to take cli- provide that security.”
ents off the traditional grid and give them a
bespoke solution. We have been shortlist- – Mark Andrews
ed for our first micro-grid contract and all
going well we will move into that space two Zenith’s hybrid power solution at Nova will be
years ahead of that strategy,” Moffat said. closely watched by market participants
Demonstrating success with its micro-
grid power capacity will further help Zenith
on its way to building Australia’s leading
specialist independent power producer,
which thrives on embracing innovation and
technology.
Moffat said there was a general accept-
ance of innovation and technology within
its client base, with some companies more
willing to explore new ideas than others.
Independence Group NL (IGO) is one
company on board with innovation and
technology and despite its newest mine –
Nova – in its first phase of life, it has taken
the opportunity to incorporate a new-to-

AUSTRALIA’S PAYDIRT JUNE 2019 Page 65

REGIONAL ROUNDUP

Perseus gives Yaoure
the green light

The Perseus Mining Ltd board has given the go-ahead to development of the Yaoure gold
project, paving the way for the company to hit its 500,000 ozpa production target.

The greenlight for Yaoure was flicked on also blossomed. When Paydirt visited Perseus Mining Ltd beefed up its
in May, three years after the company Yaoure in November 2018, Quartermaine technical expertise in May with the
acquired the project in its takeover of Am- was still prioritising mine life extensions at appointment of Dan Lougher as non-
ara Mining. Perseus managing director Sissingue and Edikan over Yaoure’s under- executive director. An engineer with
Jeff Quartermaine told Paydirt the board ground potential but the board approval an- more than 30 years industry experi-
approval was a formality given how robust nouncement also included the most defini- ence, Lougher is currently managing
the project economics had proven to be tive statements yet on Perseus’ intentions director of West Australian nickel
throughout the company’s detailed assess- to realise the value of the 3mt @ 6.2 g/t for producer Western Areas Ltd.
ment of the project. 595,000oz gold underground resource. Perseus managing director Jeff
Quartermaine said Lougher’s input
“It was a simple decision,” Quartermaine “We are now very confident there are would be invaluable as the company
said. “We have done the DFS, done the substantial underground extensions avail- managed three operations.
FEED and it is fully licensed. Everything able. In the coming months we will do work “Dan is a very experienced and
possible has been done and done ex- to prove that up,” Quartermaine said. high-quality director and execu-
tremely thoroughly and the board has been tive,” Quartermaine said. “He brings
informed every step of the way so their ap- Perseus also has pressing mine life is- an important set of skills that we
proval was just a formality.” sues at Sissingue and Edikan but Quarter- don’t currently have; his own com-
maine suggested the Yaoure underground mercial strengths will complement
The swift approval was confirmation was rising in importance. our existing commercial skills but
of what Quartermaine has been telling he also brings a wealth of technical
the market since the acquisition; despite “All of them are very important,” he said. knowledge. Having someone of Dan’s
a stunted history Yaoure is a high-value, “We have already made the investments at calibre will be appreciated by our
long-life operation. Sissingue and Edikan so any exploration highly-skilled technical guys in the
success at either of those two just adds to company and we are highly confident
A November 2017 DFS proved the eco- the economics. But the prize underground he will make a positive impact.”
nomics with a $US263 million capex prov- at Yaoure appears substantial and we
ing capable of delivering an 8.5-year oper- would like to know what we have sooner
ation, producing 1.367 moz gold (including rather than later.”
215,000 ozpa for the first five years) at
all-in costs of $US759/oz. The IRR is 23%, With board approval now in place, Per-
payback period of 35 months and NPV seus can press ahead with final prepara-
$US210 million. tions for construction. Quartermaine was
confident the final land and crop compen-
Quartermaine said the outcome had sation agreements would be in place be-
been an improvement on what even he fore the end of May, paving the way for the
expected when the company identified Ya- beginning of early site works.
oure as a target.
The ability to move with alacrity has
“It has come out slightly better than what been aided by Perseus’ early closure of
we expected when we first acquired the project financing.
project and it has improved even since the
DFS,” he said. Construction will be funded via a draw-
down of the new $US150 million revolving
The asset’s longer term opportunity has credit facility, $US121 million of existing

Page 66 JUNE 2019 AUSTRALIA’S PAYDIRT

AFRICA

Perseus has committed
to development of the
Yaoure gold project in
Cote d’Ivoire. The mine
is set to produce more
than 200,000 ozpa

cash and bullion and $US40 million raised “And, Yaoure in particular is very impor- erals Ltd], Exore [Resources Ltd].
via the underwritten exercise of warrants. tant because it is a long-life operation,” “The industry is not changing but evolv-
Quartermaine said. “If you introduce the
“I’ve been saying to the market – and I underground and we are successful on ex- ing naturally and our own footprint is grow-
don’t think it has always believed me – for ploration, you are talking very long life and ing. People talk more about M&A but that
a number of years that we wouldn’t raise the inflow of revenue to the country will be hasn’t translated into more M&A activity.”
new equity to fund Yaoure,” Quartermaine very substantial.”
said. “The warrants we just converted were Reducing the ability of companies such
issued in 2016 so we don’t regard them Most gold sector eyes are trained on as Perseus to make corporate moves is
as additional equity and we didn’t need West Africa as the industry ascertains how a lack of investor interest, particularly in
them specifically for Yaoure; they give us Barrick Gold Corp’s acquisition of Rand- North America.
the wherewithal to undertake discretionary gold will affect the latter’s regional portfolio.
spending on all three projects.” For his part, Quartermaine is not distracted “The level of indifference to gold which
by the fallout of corporate activity. is higher than for a long time; we know that
Being able to declare Perseus a three- more than anyone,” Quartermaine lament-
mine company will understandably be “What happens with Barrick in West Af- ed. “We’ve had nine very strong quarters
a source of pride for Quartermaine who rica remains to be seen but there is a heck in a row, built a second operation and have
has overseen the transformation from ex- of a lot going on beyond that,” he said. a third in development and all of that has
plorer to multi-mine producer. The journey “There are a number of exciting develop- occurred without a massive boost to the
has been a difficult one at times and while ments coming through – Toro Gold [plc], share price.”
Edikan and Sissingue have been solid per- Teranga [Gold Inc], etc. – and juniors are
formers over the last two years, the arrival taking about what they’ve got – Tietto [Min- – Dominic Piper
of Yaoure and a 500,000 ozpa group pro-
duction target could change the outlook for Jeff Quartermaine
the company dramatically.

“It gives us substantial annual cash flow
and we will then need to look at what we do
with that,” Quartermaine said. “Once Ya-
oure is generation cash, our consideration
of dividends will be different. We will be in a
very different position by December 2020.”

The Ivorian Government is also set to
benefit from Yaoure’s development. The
country is currently well-regarded by the
international gold sector with its strong
prospectivity balanced with a favourable
investment climate. The focus now is real-
ising the potential.

With the Tongon and Bonikro mines ma-
turing, Yaoure and the new Ity mine repre-
sent a new generation of projects for the
country.

AUSTRALIA’S PAYDIRT JUNE 2019 Page 67

REGIONAL ROUNDUP

Chesser plots right moves
in Senegal

Diamba Sud is located near 45 moz of gold
already defined along the Senegal-Mali shear

Senegal lacks the kudos of its West sector and the country appears to be large systems,” Brown said.
African counterparts in the context of welcoming of foreign investment. Since While the company waits patiently on
gold prospectivity. we picked our project up in 2015, it hasn’t
been pushed and not much marketing assays from phase one to be returned
Mali, Ghana and the maturing jurisdic- has been done on our auger drilling re- from Mali, planning was under way for
tions of Burkina Faso and Ivory Coast sults until Indaba [February] this year. an IP survey to be conducted over the
have much higher profiles and rightfully However, there seems to be a bit more Northern Arc target as a source of more
so given their respective histories and of a focus on West Africa these days, but information ahead of phase two drilling.
current day successes in gold produc- the gold price bouncing around doesn’t
tion and exploration. Burkina Faso and help a company like us very much.” “The IP survey is critical for us to get
Mali in particular thrived during the last more information as it is a covered area
West African gold boom, a period when Brown joined Chesser in late 2018 and it will be done for better targeting.
Senegal was emerging from the shack- and after initially being reluctant to drive There is an active water table which var-
les of four decades of socialist rule. a single asset company, he fully recog- ies from 0-50m. We’ve had some fan-
nises the opportunity in front of him now. tastic results from the saprolite and also
Earlier this year, President Macky Sall from the fresh rock,” Brown said.
won re-election, with many believing the “I was a little bit hesitant joining a com-
country’s flourishing economy since he pany with one project, but the project is “We’d like to be drilling [at the end of
came to power in 2012 was a major fac- outstanding; it has all the hallmarks of a May] before the start of the wet season.
tor behind his decisive victory. potential large discovery both geologi- We’d like to coordinate the results with
cally and geographically,” Brown said. the IP survey. We have four obvious tar-
Sall has committed to developing big gets to drill under and laterally and the IP
ticket infrastructure items in Senegal and Chesser’s focus is the Diamba Sud will give us an indication of whether we
sees the country as an emerging econ- project, east Senegal, where a “fishing are on the right path.”
omy by 2035. expedition” of 70 RC holes for 4,671m
was completed at the end of March. A compilation of drilling results and in-
Considered as the most stable democ- terpretations of geophysics will be relied
racy in West Africa, Sall has a solid plat- The company hopes to receive all upon for Chesser to determine its posi-
form to achieve his desired objectives. results from the RC programme by the tion but activity elsewhere already sug-
end of the month, with some highlights gests it has picked the right address in
Senegal is seemingly open to foreign including 18m @ 5.61 g/t gold from 6m, the Mali-Senegal shear zone.
investment and while some other West including 8m @ 11.84 g/t from 14m (ox-
African nations battle against security ides); 10m @ 2.72 g/t from 19m, includ- There are numerous multimillion
threats, the environment in Senegal ap- ing 1m @ 16.3 g/t from 23m (oxides); 8m ounce gold mines along the Mali-Sene-
pears to be much friendlier at this point @ 3.48 g/t from 34m (fresh rock) and gal shear zone, with Barrick Gold Corp’s
in time. 11m @ 1.16 g/t from 19m (oxides). Gounkoto and Lulo (combined 18 moz
gold) within 7-15km of the license area
“Senegal doesn’t have borders which “The first pass was really a reconnais- and B2Gold Corp’s Fekola mine, also in
are hard to control,” Chesser Resources sance programme and a bit of a fishing Mali, to the south.
Ltd managing director Mike Brown told expedition. The second phase will be
Paydirt. interesting, the grade is there and the Furthermore, with the likes of Malian-
alteration is what you’d expect to see in focused Oklo Resources Ltd managing
“Woodside [Petroleum Ltd’s] presence director Simon Taylor on board as a non-
is growing by the day in the offshore gas

Page 68 JUNE 2019 AUSTRALIA’S PAYDIRT

AFRICA

Chesser is well served by an experienced

“ in-country team led by exploration manager
Gareth O’Donovan and Abdoulaye Diallo

Senegal has opened up with Mineral Deposits [Ltd]
and Teranga in there first, but it is probably more

favourable in terms of large discovery potential than
Ghana, however, it remains unexposed to exploration.

executive director and a strong in-coun- Brown sees unrivalled gold potential in were reported by Chesser from another
try exploration team in place, Chesser Senegal. However, the country has a lot 20 RC drill results on the Eastern and
has a deep grounding in Senegal. of ground to make up before it draws the Western Flanks at Diamba Sud, includ-
same attention as its more prominent ing 6m @ 7.79 g/t gold from 39m, 4m @
“Simon Taylor and our two largest re- gold counterparts in West Africa. 6.85 g/t from 20m, 4m @ 2.98 g/t from
tail shareholders are key. They are repu- 4m and 16m @ 1.05 g/t from 4m.
table and successful and the asset itself “To me Senegal is second to Ghana
shows great opportunity for success,” in government and political risk. Explora- – Mark Andrews
Brown said. tion only started in 2005 after 40 years
of socialist rule in the country. Senegal Mike Brown
Chesser arrived in Senegal in 2015 af- has opened up with Mineral Deposits
ter selling its project in Turkey to locals [Ltd] and Teranga in there first, but it is
for $40 million, $30 million of which was probably more favourable
returned to shareholders. in terms of large discov-
ery potential than Ghana,
The company retains a loyal band of however, it remains un-
retail shareholders and has brought in exposed to exploration,”
new followers on the back of Diamba Brown said.
Sud and now the Diamba Nord and You-
boubou tenements. “Barrick/IAMGold
[Corp] have a JV to the
Further activity in the region will help east of us and are pretty
retain this market interest. Despite a qui- active there at the mo-
et patch in exploration within Senegal in ment. There is steady pro-
recent years there is still some progress gress in the country. The
being made in the country’s gold sector. cadastral system is fully
occupied and you have to
Brown said there was a bit of a boom wait until people recycle
on the coat-tails of Toro Gold Ltd’s Mako and drop tenements be-
mine, while Bassari Resources Ltd’s fore picking them up. We
Makabingui and Barrick’s Massawa re- are actively looking, we
main advanced plays which are moving need more strings to the
forward. bow but [acquisition] is not
the highest priority for us
Successful transitioning of Makabingui considering the auger ex-
and Massawa into mines to join the likes ploration results we have
of Mako and Sabodala (Teranga Gold been getting are good.”
Corp) in the production ranks could well
spur another gold boom in Senegal. At the time of print, fur-
ther high-grade results
Having worked in African jurisdictions
such as Mauritania and Ghana with
Kinross Gold Corp and more recently
Austral Gold Ltd in Chile and Argentina,

AUSTRALIA’S PAYDIRT JUNE 2019 Page 69

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SRIETGEIOVINSAITL ROUNDUP

Myanmar shows its metals

A PFS on Bawdwin estimated a capex of $US267 million, including $US33 million
contingency, would be required to see phase one mining activities start in 2021

Myanmar Metals Ltd (MYL) executive will be no more question; the value of the 5.2% lead, 178 g/t silver and 2.6% zinc at
chairman John Lamb is adamant the asset will not be denied,” Lamb said when Bawdwin. The addition of a copper circuit
next 12 months will see the Bawdwin lead- presenting the Bawdwin PFS in a telecon- is a future consideration.
silver-zinc mine receive due recognition. ference.
As part of its conservative approach in
The market response to the May release “Even now it is utterly compelling, it is country, MYL did not include the copper
of a PFS on Bawdwin was fairly muted, with only at the beginning, but we have already potential in the PFS, however, Lamb was
the company’s share price down 4.76% to travelled an enormous distance. We’ve hopeful copper, nickel and cobalt could be
8c/share at the close of trade on May 6. locked out a large range of risks because extracted from Bawdwin in the decades
of how we have structured and executed ahead.
Lamb said the company was “chroni- our deal in country; we’ve locked in a fair
cally under-valued by any measure”, given amount of value by virtue of a PFS.” Essentially, MYL sees the Bawdwin field
it had on its hands a project boasting a as a long-term mining province hosting a
pre-corporate tax NPV (at 8% discount) of At steady state production Bawdwin will potential 14 mines, to be developed over
$828 million, with payback on the starter pit be a globally significant zinc mine as well six phases of mining, with phase one start-
at Bawdwin estimated to take four years. as the world’s third largest lead and 10th ing at the China lode to launch the first
largest silver play. Alongside the PFS, decade of a projected 50-plus years of op-
Phase one mining is tipped to start from MYL also announced a maiden reserve erations in the district.
the China lode, whereby 13 years of oper- estimate – the first ever reserve declared
ations targeting 24.7mt of mineralised ma- despite 600 years of mining at Bawdwin – MYL has declared its intentions and vi-
terial at 6.4% lead, 168 g/t silver and 3.2% of 18.4mt @ 6.4% lead, 169 g/t silver and sion to the Government, but remains re-
zinc is scheduled to start in 2021. 3.4% zinc from the starter pit. stricted from revealing in-depth detail pub-
licly for now.
The next 12 months will be dedicated Meanwhile, scoping studies have start-
to work on the China pit DFS, as the PFS ed on the first two underground mining “We presented our life-of-mine plan to
has triggered a series of next steps for operations – Shan and Meingtha lodes – the Myanmar Government, much of that I
MYL, including off-take and financing ne- while a number of other targets and pros- am unable to share unfortunately, but we
gotiations, environmental, social impact pects have been earmarked to add further shared with the Ministry our intentions to
assessment work and government per- mine life to operations at Bawdwin. develop those mines over many, many
mitting, with trial mining expected to take years and through the course of those six
place later this year. There is potential for copper concen- development phases; the China pit PFS is
trate to be produced, with an existing in- just the first,” Lamb said.
“By the end of that 12 months, we will ferred resource of 4.4mt @ 3% copper,
insist that that value is recognised, there “When you add in some reasonable

Page 72 JUNE 2019 AUSTRALIA’S PAYDIRT

ASIA

Bawdwin JV PFS

Ownership: Myanmar Metals Ltd 51%; Win “We continue to see Government to see such a high portion of lo-
Myint Mo Industries Co. Ltd muted responses to cal ownership,” Lamb said.
24.5%; EAP Global Mining Co. some excellent results
Ltd 24.5% and I would be putting “The amount of care we have taken in
that down to a healthy structuring the way this JV has been put to-
Phase one: Starter pit – China lode 13 years dose of jurisdictional risk gether; it has been put together in a way that
deals with many different elements of risk.

Maiden ore reserve: 18.4mt @ 6.4% lead, 169 g/t that people see. The so- One of those elements of risk is a government
silver and 3.4% zinc, lution to that is delivery. I that’s not fully on side or perhaps thinks that

representing 74% of total am setting out to prove the foreign company has taken too big a slice

production from starter pit that it is highly possible of the pie and obviously we have dealt with

Mining: 24.7mt @ 6.4% lead, 168g/t silver to structure yourself that in this way. So, while it is possible I don’t
and 3.2% zinc (the bulk of the properly with the right think it likely [for MYL to increase its stake] and
resource left unmined) JV partners, establish we’ll carry it through the structure we have.”
yourself in the right way
Processing: 2 mtpa and it is entirely pos- As far as financing goes, the PFS has giv-
sible to develop and en MYL a platform to start engaging with po-
NPV: $828 million tential backers on a variety of options to fund

IRR: 30% construct and operate a the $US267 million project.
major mine in Myan- Lamb said financing would likely entail a
*NPV and IRR presented pre-corporate tax and MYL mar, exactly the same
corporate overheads, but post royalties and production way as you would do it collection of different pieces, including off-
sharing taxation in Australia and we are take, vendor financing, streaming and a bank/
going through the exact debt component.
Capex: $US267 million, plus $US33 same steps.”
million contingency “Myanmar is obviously an interesting place
Currently, MYL holds to go and look for financing. There are Chi-
Opex: $US108/t nese bank options, we obviously have Per-

Production target: 2021 51% and is leading the ilya [Ltd] sitting in our stable and we have
Bawdwin JV (BJV) with some substantial non-binding letter of sup-

local outfits Win Myint port from Perilya in the order of $US150 mil-

exploration potential besides the targets Mo Industries Co. Ltd and EAP Global Min- lion. That was indicative of Perilya’s support

already defined and the upside in the dis- ing Co. Ltd holding 24.5% each as project at that stage, they came in and have been a

trict generally, you have a very compelling partners. very supportive shareholder [20%] all along,”

reason to be optimistic. Already we can Lamb said it was possible for the company Lamb said.

see the third largest mine in the world with to increase its ownership in the BJV, but didn’t “There will certainly be a bank component

decades of development ahead of it under expect to. to it, there will be an equity component to it

the combined stewardship of Australian and “There is scope to increase the ownership, and I think you will see that picture come to-

Chinese base metals experts and two of the but only if those two local partners choose to gether in the next few months. Perhaps at the

most capable Myanmar companies in any sell down their share. I think that is fairly un- back end of this year we will have something

field.” likely because A; it’s an absolutely outstand- cemented in place and once we have a BFS

Lamb said it enjoyed strong support from ing project and they are fully engaged and in early 2020.”

the Ministry and would look to undertake fully invested and B; it provides a great deal – Mark Andrews
more drilling and greenfields exploration, of comfort within Myanmar, particularly for the

while providing an updated resource at Bawd-

win later this year to further demonstrate what

the region is capable of.

Opening the minds of government to the

vast mineral wealth within the greater Bawd-

win province appears an easier task than

convincing the market for MYL right now, as

investors absorb the backdrop for investment

in the country.

Nevertheless, since late 2017, MYL has

doubled its share price and quadrupled its

market cap, with Lamb believing the compa-

ny has become more of an “investment [op-

portunity] and less of a punt”.

At the time of print, half of the company’s

register was occupied by institutional share-

holders.

“Besides the top few, it is a large-ish group

with a fairly small toe in the water and along

the way I think I’d like to see that shift, so the

next time we are looking to raise money I

would be looking to see some larger positions

from a smaller group of institutions,” Lamb

said. A recent placement of $20.8 million will see Myanmar Metals through

to a decision to mine at Baldwin expected in Q2 2020

AUSTRALIA’S PAYDIRT JUNE 2019 Page 73

SRIETGEIOVINSAITL ROUNDUP

Alicanto takes flight north

Latin American gold explorer Alicanto had received no modern exploration and “We want to find another Falun where
Minerals Ltd is set to spread its wings both projects are within the same geo- the grade is around 15 g/t gold equivalent,”

both geologically and geographically after logical setting as the nearby Falun mine he said.

securing an option over a suite of base [500,000t zinc, 400,000t copper, 160,000t On receiving shareholder approval for

metals projects in Sweden. lead, 280t silver and 5t gold production] the transaction, Alicanto plans to move

Alicanto announced in May that it had which was closed in 1992,” George said. swiftly.

entered into an agreement to acquire the Alicanto believes the lack of modern ex- “We intend to have boots on the ground

Oxberg and Naverberg VMS projects in ploration on both projects presents it with – mapping, sampling and geophysics –

the Bergslagen district of southern Swe- an array of opportunities. as soon as possible after approval which

den. The projects are currently owned by The Naverberg area contains multiple won’t happen until at least the middle of

a consortium which includes Alicanto non- drill-ready targets within 2km of Falun, July at this stage,” George said. “We have

including prospects from which our priority targets already highlighted,

surface grab samples returned and the field work will be designed around

values of up to 26.1% zinc and confirming these as well as bringing others

2.4% copper. The historic Skytt- to light.”

gruvan mine – which produced George’s work history in the country

12,300t @ 35-40% of zinc and has him well versed in Sweden’s mining

1,300t copper before closing in culture and he sees ample opportunity for

1908 – also represents an im- Alicanto – and perhaps even other Austral-

mediate high-grade, walk-up drill ian juniors – to apply modern exploration

target with no previous testing of techniques to historic mineral fields.

down-plunge potential. “We are familiar with the country and do-

At Oxberg, Alicanto is hop- ing business there is very simple,” he said.

ing to apply the VMS geologi- “The mines department is very easy to

cal model of repetition along deal with and everything in Sweden is very

strike from the Falun mine. efficient.

Large-scale alteration has been “We have been very strategic on the

mapped and the company has ground we’ve picked up, very specific in

multiple untested rock chip sam- what we have been looking for but already

While awaiting shareholder approval for its Swedish ples of up to 9.4% zinc, 11.9% cop- there are further opportunities we are
acquisition, Alicanto plans to continue its search for new per and 16 g/t silver to follow up. looking at. It is a bit of an untapped region.
partners on its Arakaka and Ianna gold projects in Guyana Companies like Talga [Resources Ltd] and
George identified the Target S2 [Resources Ltd] have been there for a
46 prospect as an immediate fo-

cus. Historical drilling produced while but there isn’t a whole lot of explora-

executive director Hamish Halliday and intersections of 3.4m @ 2.49% zinc, 1% tion occurring.

chief executive Peter George. lead and 11 g/t silver and 2.8m @ 4.7% “Sweden is different because it didn’t

Speaking to Paydirt after the announce- zinc, 2.2% lead and 89 g/t and down-hole open up to foreign investment until 1995.

ment, George said his decade of experi- EM also indicated an off-hole conductor at There was a mad rush after that and jun-

ence in Sweden had led him to putting the depth. iors came in but it cooled off. There are a

exploration portfolio together. George said the high-grade nature of lot of lessons learnt from elsewhere that

“Having lived there and worked for Bo- the region’s VMS deposits made them an haven’t been applied to Sweden yet.”

liden, I have a good understanding of Swe- enticing prospect for junior exploration. While George is excited by the compa-

den and the potential there,” George ny’s new Nordic opportunity, he was at

said. “At the same time, I have known pains to emphasise the continued im-

the Alicanto team for more than 15 portance of Alicanto’s Guyana portfolio.

years so knew the kind of projects they The company controls more than

were looking for; something exciting 1,000sq km of ground in the South

and interesting with high-grade poten- American nation but has been striving

tial and historical production in a Tier 1 to find funding solutions since Barrick

jurisdiction.” Gold Corp withdrew from an earn-in

Oxberg and Naverberg fit that profile deal last year.

to a tee; they are situated in the heart “Guyana is still going well,” George

of a world-class base metals district, said. “We have been looking for alter-

contain historical mine sites and have natives and have been running that

several drill-ready prospects largely un- process for a year. We have had pre-

touched by modern exploration. liminary discussions and we are very

“We looked all over Sweden and dis- close to doing a deal which is going to

covered Naverberg had rocks similar to be good for shareholders.”

Grapenburg [168mt @ 3.4% zinc, 1.6% – Dominic Piper
lead, 98 g/t silver and 0.3 g/t gold] but

Alicanto has signed an option agreement to acquire two

VMS prospective projects in southern Sweden

Page 74 JUNE 2019 AUSTRALIA’S PAYDIRT

EUROPE

Kildare: an Irish
kind of zinc

The proposition for Zinc of Ireland Ltd a somewhat seamless transition from ex- zinc-in-concentrate with minimal lead-in-
(ZMI) sounds simple; find enough zinc plorer to developer. zinc, while 86% recovery of lead to con-
at Kildare and mine it. centrate, 62% lead-in-concentrate and
“There’s a lot of zinc there,” ZMI execu- minimal zinc-in-lead was reported.
That ambition appears on-song given tive director Patrick Corr told Paydirt.
ZMI’s flagship Kildare project splits territo- Positive met test work results provides
ry within the Rathwdowney trend occupied Corr’s mantra in Ireland is “if you can good momentum for ZMI as it looks to start
by base metals heavyweights Teck Ireland find it, you can mine it”, however, that mes- its 2019 drilling campaign this month.
Ltd and Vedanta Exploration Ireland Ltd. sage is not yet resonating with Australian
investors. The 7,500m programme is focused on
Lisheen and Galmoy were also mined discovering additional thick, flat-lying,
within the Rathdowney trend in which ZMI “I don’t think that is understood in the base of reef zinc-lead sulphides in the ilk
is targeting the Allenwood Graben at Kil- Australian market. I think Australians think of 16m @ 22% zinc and lead.
dare. that Ireland is full of Greenies and the tyr-
anny of distance doesn’t help that,” Corr “We’re looking to grow the resource at
ZMI estimates that $15 million worth of said. Kildare in the next 12 months and we are
drilling has been completed at Allenwood focused on growing the amount of zinc
Graben periodically over the past 50 years ASX investors’ misunderstanding of we have so we can put some economic
and with the company’s $3.9 million cash both Ireland’s acceptance of mining and studies around it. Irish-type zinc is found
on hand, it is funded to add to the 68,000m the Irish-type zinc potential – akin to Mis- in clusters, blobs, pods...so we want to
of historical drilling data this year. sissippi Valley Type deposits – are reasons find sufficient amounts of zinc to help us
why the company is “cheap” at 9.5c/share go from explorer, to developer and then
ZMI’s motives for drilling a planned at the moment, according to Corr. miner. Dundee on board will help us with
7,500m is to add resources at McGregor that and we’re backed by a bunch of share-
(4.18mt @ 8.8% zinc and lead, using 5% While ZMI’s potential is not recognised holders that want to build a mine; we want
cut-off grade) and Shamrock and define in Australia, it is certainly being spied else- to be the must-have Irish company. That
more zinc-lead resources with Allenwood where with a German holding 13% of ZMI is a scary proposition, but achievable. We
Graben. and a subsidiary of Canada’s Dundee Cor- have found one [cluster] and we want to
poration – Dundee Resources Ltd – be- find another,” Corr said.
The total inferred resource at Kildare of coming a cornerstone investor in January.
5.3mt @ 8.6% zinc and lead, including a “Once we understand what we poten-
high-grade component of 3.5mt @ 10.1% A placement of $2.4 million to Dundee tially have, then we can do some more
zinc, was produced in May 2017, barely 12 represents a 19.99% shareholding in ZMI. formalised studies because if your eco-
months after ZMI’s ASX listing. nomic proposition works, you can build it
Corr said the relationship with Dundee in Ireland. For example, it took Lisheen just
ZMI’s maiden resource announcement will go much deeper than the latter’s name seven years from discovery to production.
from Kildare was fitting as the zinc spot filling space on the share register. With the $3.9 million pushing us to the next
price was heading towards five-year highs level, [we can have] an understanding of
of above $US1.60/lb in early 2018. “Dundee invested at a premium as it whether we have a real project. Then, we
was then and still is. They have a history of can consider development options.”
Prices didn’t hold, falling to $US1.10/lb investing in Europe, so we will not be just
by December. At the time of print, the zinc reliant on the Irish way and wisdom of do- Kildare is the flagship project the com-
market had sprung back to $US1.34/lb and ing things as they have been done for the pany hopes will underpin a pipeline of de-
ZMI is again front and centre to reap the last 50 years,” Corr said. “With Dundee in velopment in Ireland for years to come.
benefits of interest in the base metal. the fray we have the expertise and knowl-
edge on board to do it the way it should be “We have 240sq km of ground in the
It was reported by the International Lead done for the next 50 years. Dundee gets right location and we believe it is the right
and Zinc Study Group that the global mar- Irish-type zinc as do other sophisticated location because Teck and Vedanta are
ket for refined zinc metal recorded a deficit investors. The metallurgical properties there. We also have greenfields ground
of 384,000t in 2018, with inventories held and quality of zinc are very good, easy to and we want to be a respected explorer,
by the major warehouses, producers, con- extract a saleable product. Irish-type zinc developer and miner in Ireland with a pipe-
sumers and merchants down 143,000t to doesn’t get [justified] recognition.” line of projects to expand on around Kil-
a total of 880,000t. dare,” Corr said.
Should ZMI start to generate some ex-
A lack of immediate zinc supply coming citement in its Irish-type zinc at Kildare, “In 2016 the zinc price went up and Irish-
on-stream to fulfil demand requirements the corporate finance and M&A arm of type zinc became cool again. We’ve been
somewhat explains this year’s price re- Dundee – Dundee Goodman Merchant pretty aggressive with our exploration
bound and forecasts are for further upside Partners – will serve the company well. since. They are very lead-zinc focused
from the current $2,885/t on the LME to in Ireland, they know their stuff and they
above $US3,000/t in 2019. On the technical front at Kildare, ZMI know their mineralisation. They want to
was working towards completing sampling see the mining industry restored to the
While ZMI is not currently in a position to of outstanding drill core from last year, days of Lisheen and Galmoy.”
impact the zinc shortfall, neither are many while results from preliminary metallurgical
others but ZMI believes it stands out for test work have been encouraging. – Mark Andrews
being in the heart of the world’s most pro-
spective zinc region and its potential for Highlights from met test work included,
96% recovery of zinc to concentrate, 56%

AUSTRALIA’S PAYDIRT JUNE 2019 Page 75

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

McMahon gets the ball McMahon will kick off the NPI works programme for TNG’s Mt Peake
rolling for TNG vanadium-titanium-iron project, Northern Territory

TNG Ltd has engaged construction ternal training pathways. regulatory approvals, Mondium will carry
group McMahon Services to begin the Yurra is majority owned by the Yind- out engineering, design, procurement
programme of works for the non-process and site construction of a new tailings
infrastructure (NPI) requirements for its jibarndi Aboriginal Corporation (YAC), retreatment processing plant at Green-
Mount Peake vanadium-titanium-iron which is the representative body of the bushes.
project in the Northern Territory. Yindjibarndi People, a Traditional Owner
group with whom Rio Tinto have held an The contract also includes design and
McMahon’s assignment encompasses Indigenous Land Use Agreement since construction of detailed earthworks,
NPI at both the Mount Peake mine site, 2013. concrete works, structural, plate work,
235km north of Alice Springs, and at the electrical and instrumentation works and
Darwin-based TIVAN processing facility. Additionally, Rio Tinto has awarded a controls. Work under the contract is ex-
Works will be undertaken in parallel with $10 million contract to another majority- pected to be completed by June 2020.
the FEED study for the project, which is owned YAC business, GSBC Yurra, to
being progressed by leading German- refurbish the Rocklea Palms accom- Mondium – an incorporated JV be-
based metallurgical engineering com- modation village in Paraburdoo. Work is tween Monadelphous Group Ltd (60%)
pany SMS Group. expected to be completed later this year. and Lycopodium Ltd (40%) – successful-
ly delivered a new chemical-grade plant
The NPI requirements for the project Mondium approved for feed system at Greenbushes last year.
include but are not limited to haul roads, return to Greenbushes
airfield upgrades, concentrate handling Eliwana edges WestStar
infrastructure, water and power infra- EPC specialists Mondium Pty Ltd has towards half-ton
structure, accommodation facilities and been awarded its largest contract to date
concentrate storage facilities. and second at Talison Lithium Pty Ltd’s WestStar Industrial Ltd is closing in on
Greenbushes mine in Western Australia. almost $50 million of contracts locked
McMahon is expected to advance away in FY2019.
the existing NPI planning developed to Subject to the receipt of all final project
date by TNG, as well as finalise detailed
scopes of work and scheduling for the
NPI across both sites.

Rio Tinto awards
landmark contract

Rio Tinto Ltd has signed a landmark
new contract with Yurra Pty Ltd for the
Roebourne-based Traditional Owner to
provide civil maintenance services on
and around the major’s Pilbara rail net-
work.

The five-year contract, worth about
$20 million, will see Yurra grow and
develop its local workforce while also
bringing in other specialist expertise to
help build new capabilities.

It will also maximise benefits for the
wider community in Roebourne and be-
yond by directly supporting 20 new local
indigenous jobs and providing further in-

NUCLEUS

Nucleus Mining Logistics

Providing turn-key logistics and supply chain solutions into Africa

Page 76 JUNE 2019 AUSTRALIA’S PAYDIRT

www.nucleussc.co.za

Last month the company’s SIMPEC Clough, Acciona BHP expands digital
Pty Ltd subsidiary landed a $10 million combine to connect thinking
contract from ATCO Structures and Lo- Koodaideri
gistics to supply and install the electrical, BHP Ltd and virtual thinking company
communications and dry fire systems for Clough and the Australian arm of Dassault Systèmes have formed a strategic
an 800-room camp at Fortescue Metals Spanish conglomerate Acciona have partnership to leverage the application of
Group Ltd’s Eliwana mine in the Pilbara. been jointly awarded a civil works con- digital technologies to mining.
tract for construction of the northern rail
SIMPEC was also awarded more than formation at Rio Tinto Ltd’s Koodaideri The strategic partnership aims to unlock
$5 million in scope extensions to its cur- iron ore project, East Pilbara. value by applying technologies proven in
rent contracts, lifting WestStar’s total or- other industries to the core mining funda-
der book for the financial year to about Clough expects execution of the con- mentals of geoscience and resource engi-
$48 million. tract will create more than 200 new neering.
jobs from the scope of works, including
The $10 million contract at Eliwana is 100km of rail formation earthworks, cul- “By digitalising all operations from planning
the single largest contract awarded to verts, bridge construction, access roads to exploitation, our 3DEXPERIENCE plat-
SIMPEC to date. and level crossings. form provides the full ‘digital twin experience’
of the end-to-end processes,” Dassault Sys-
At Eliwana, SIMPEC will design, sup- Koodaideri will initially be developed tèmes vice-chairman Bernard Charlès said.
ply, construct, test and commission the into a 43 mtpa operation with product to
electrical, communications and dry fire be transported along a 170km rail spur to “This transformational approach pro-
systems for the 800-room camp over Rio Tinto’s existing iron ore rail network, vides market agility, improved predictability,
nine months. with the connection point just south of sustainable mining innovation and signifi-
Lyre Siding at Numbat. cant cost reduction all along the life cycle;
According to WestStar, the SIMPEC a proven track record that has transformed
team has grown substantially over the the manufacturing industry to date.”
past six months with nearly 150 person-
nel and contractors now working across Clough and Acciona will jointly construct the northern rail formation at Rio Tinto Ltd’s
all of its current contracts. Koodaideri project, East Pilbara

Material boost
for Mitchell

Mitchell Services Ltd has earned a
material variation and extension of its
underground in-seam drilling contract
with Anglo American plc.

Under the revised contract terms,
Mitchell will provide up to six rigs and
offer specialist underground coal drill-
ing and gas drainage services at the
Grosvenor and Moranbah North site in
Queensland.

The contract expiry date has now been
pushed out to end of December 2021
with a further two-year extension option
also available.

Mitchell is not expecting the revised
contract terms to have any material im-
pact on the company’s FY2019 revenues
and EBITDA guidance numbers.

Nucleus Mining Logistics pNrUovCidLeEsUhSigh levels

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

greenfield exploration / construction projects / operational logistics

AUSTRALIA’S PAYDIRT JUNE 2019 Page 77

DRILL BITS www.capdrill.com

Great hits keep coming Big bite from Liontown Historical production from Bellevue
was 800,000oz @ 15 g/t gold
Great Boulder Resources Ltd has re- Liontown Resources Ltd caught the
ported more strong nickel-copper-PGE market’s attention last month when it Carrawine rides high on
anomalism at the Winchester JV in West- struck a thick, high-grade zone at Kath- the hill
ern Australia. leen Valley.
Results were still filtering in at the time
Drill results announced last month ex- The latest drilling result from Kathleen of print from Carrawine Resources Ltd’s
tended known anomalism to in excess of Valley at the time of print was 90m @ diamond drilling programme at Hill 800,
2.5km and included grades of up to 1.1% 1.3% lithium oxide. however, the early signs were positive for
copper, 0.7% nickel and 0.04% cobalt. the company.
Other significant intersections includ-
Previous drilling identified significant ed 18m @ 1.6% lithium oxide from 189m High-grade intercepts from a twin dia-
mineralisation at Winchester, including (including 12m @ 2.2% from 190m); mond drill hole in the 800 Zone returned
19m @ 0.6% copper, 0.3% nickel and 48m @ 1.4% from 242m (including 8m 34m @ 3.84 g/t gold from surface at 0.3
0.02% cobalt from 106m (including 10m @ 2.3% and 4m @ 2.2%); 21m @ 1.5% g/t cut-off (including 23m @ 5.06 g/t from
@ 0.8% copper, 0.4% nickel and 0.03% from 190m (including 3m @ 2.3% from surface, 1 g/t cut-off) in H8DD017 and
cobalt) and 13m @ 0.9% copper, 0.3% 202m); 25m @ 1.5% from 224m (includ- 45m @ 0.93 g/t from 30m (0.3 g/t cut-off),
nickel and 0.02% cobalt from 138m (in- ing 6m @ 2% from 232m) and 48m @ including 7m @ 1.51 g/t from 30m (1 g/t
cluding 5m @ 1.1% copper, 0.7% nickel, 1.5% from 277m (including 22m @ 2.1%). cut-off) and 5m @ 1.21 g/t from 42m and
0.04% cobalt and 0.1 g/t PGE). 6m @ 1.97 g/t from 53m in H8DD018.
These results indicate potential for a
Bellevue confirms substantial resource increase at Kath- Kirkland Lake hits high
another two targets leen Valley from the current 21.2mt @ in Ontario
1.4% lithium oxide and 170 ppm tanta-
Bellevue Gold Ltd has confirmed two lum. High-grade intersections within the
new major drill targets with visible gold, Southern Mine Complex (SMC) has pro-
with high-grade results returned from the The exploration target set by Liontown vided Kirkland Lake Gold Inc with encour-
Viago and Tribune lodes. is 19-31mt @ 1.2-1.5% lithium oxide, in agement for resource growth and new
addition to the current resource. discoveries at its Macassa mine, Ontario.
Depth extensions below the historic
Bellevue lode were reported as well as
a flat-lying Viago look-a-like west of the
Tribune lode.

Step-out extensional drilling results
included 3.2m @ 17.2 g/t gold and 2.7m
@ 22.6 g/t from Tribune lode; 3.6m @
12.2 g/t at Tribune South extension; 0.3m
@ 218.5 g/t at Tribune North extension;
3.5m @ 13.4 g/t at Viago lode; 3.2m @
13.8 g/t at Viago North extension and
1.5m @ 17.5 g/t at the new Viago paral-
lel lode.

Bellevue had five diamond core rigs
on site at the time of print targeting high
priority depth extensions of the historic
Bellevue lode and Viago look-a-like, while
four rigs were undertaking resource ex-
tension drilling, which continues to inter-
cept significant mineralised extensions of
the Tribune and Viago lodes.

Page 78 JUNE 2019 AUSTRALIA’S PAYDIRT

www.capdrill.com

Key high-grade intercepts of 118.8 g/t Saturn Metals confirmed a new high-grade lode at Apollo Hill with an intersection
gold over 2m (core length), 62.7 g/t over of 13m @ 5 g/t gold, including 4m @ 9.8 g/t from 74m
1.9m (true width) and 73.8 g/t over 2.7m
(true width) expand SMC to the east. The gramme at Apollo Hill, near Leonora. (including 0.9% NdPr from surface to end
latter two results were struck in the new Drilling continued at the time of print, with of hole), 13m @ 4.43% REO (including
South Zone. the company planning to follow-up with 0.83% NdPr), 22m @ 4.33% REO (includ-
RC drilling. ing 0.81% NdPr), 30m @ 5.07% REO (in-
Meanwhile, intersections 250m west cluding 0.99% NdPr) and 26m @ 5.31%
of the current resource at SMC included Pensana targets rare REO (including 0.95% NdPr). All results
4,772.2 g/t gold over 2m (core length), territory were from surface to end of hole.
436.9 g/t over 2.8m, 436.9 g/t (new South
Zone) and 158 g/t over 2.4m true width. Pensana Minerals Ltd completed an A further nine exploration RC holes
infill RC drilling programme totalling 66 were also completed in the south of the
High-grade intersections were also hit holes for 2,032m over the area of the project to test for extensions to the miner-
to the east and at depth expanding Lower highest grade weathered zone of min- alisation, with assay results awaited.
SMC, with highlights including 2,458.6 g/t eralisation at the Longonjo neodymium-
gold over 1.8m true width, 523.1 g/t over praseodymium (NdPr) project in Angola. Deeply weathered carbonatite up to
2m core length and 20 g/t over 3.8m true 70m in thickness were intersected along
width. Drilling was completed on 50m by the southern margin of the carbonatite.
100m hole spacing, with highlights from
A new drilling campaign and reinterpre- the first 24 holes assayed at the time of Pensana will complete the updated
tation of historic holes has also come up print including 30m @ 4.15% REO (in- indicated resource estimate at Longonjo
trumps for Kirkland, with two new areas cluding 0.85% NdPr), 27m @ 4.52% REO in July, which will form part of the PFS
of high-grade mineralisation at Amalga- (scheduled for release in September) be-
mated Break. Significant true width hits ing carried out by Wood Group.
included 429.1 g/t gold over 2.7m, 164.8
g/t over 2.1m and 26.7 g/t over 1.2m.
Reinterpretation of core length returned
827.9 g/t over 2m, 360.9 g/t over 2m and
333.8 g/t over 2m.

Saturn launches at
Apollo

An intersection of 13m @ 5 g/t gold, in-
cluding 4m @ 9.8 g/t, from 74m has con-
firmed a new high-grade lode at Saturn
Metals Ltd’s Apollo Hill project, Western
Australia.

Saturn reported the thick, high-grade
relatively shallow intersection was on a
newly discovered hanging wall splay to
the main Apollo Hill deposit, with drilling
open in all directions.

Current resources at Apollo Hill total
20.7mt @ 1 g/t gold for 685,000oz, with
the latest intersection indicating potential
to increase the scale and quality of the
resource.

The drill result was produced from holes
25-30 of a planned 48-hole diamond pro-

AUSTRALIA’S PAYDIRT JUNE 2019 Page 79

comings and goings

New Zealand-focused gold Sayona Mining Ltd has ap- Philippa Leggat Jim Simpson has stepped
explorer Condamine Re- pointed experienced pro- down as managing direc-
sources Ltd has appointed ject director and construction Philippa Leggat has been tor of Aurelia Metals Ltd, with
Anna Nahajski-Staples as an manager Guy Laliberté as chief appointed chief executive chairman Cobb Johnstone as-
executive director following the executive of its Quebec-based of Comet Resources Ltd as suming an interim executive
departure of founding manag- subsidiary. His recent experi- the company moves into the role until a new chief executive
ing director Don Harper, who is ence includes serving as sen- next phase of development at is appointed. Non-executive
set to remain with the company ior construction manager at its Springdale graphite project. director Michael Menzies has
as a non-executive director. the Mary River iron ore mine She replaces Tony Cooper, also agreed to fill an interim role
in Canada following a stint as who steps down as managing as chief operating officer.
senior project director of the director but will continue to con-
Tonkolili mine expansion in Si- sult to the company on an as Bryan Dixon has stepped
erra Leone. needed basis. down as managing direc-
tor of Blackham Resources Ltd
Great Panther Mining Ltd Elementos Ltd has appointed after 13 years in the role. Chief
has added Kevin Ross Drew Speedy as its new operating officer Richard Boffey
to its board. Ross is currently chief financial officer. Speedy has also departed the company.
replaces Duncan Cornish, who Executive chairman Milan Jerk-
chief operating officer at Orca will remain company secretary ovic has assumed day-to-day
of the tin explorer. management of the company
Anna Nahajski-Staples Gold Inc where he is leading on an interim basis until a re-
Phil Baker has been ap- placement chief executive and
Magnetite Mines Ltd has ap- studies to develop a gold mine pointed an independent new non-executive director are
pointed former Glencore in Sudan. non-executive director of Kas- appointed. Wiluna operations
bah Resources Ltd. A finance manager Guy Simpson has
head of iron ore assets Mark Karen O’Neill has taken over professional with more than 30 been promoted to the newly
Eames as a strategic technical the reins at Kingsrose Min- years of industry experience, created role of general manager
advisor to assist with develop- ing Ltd, replacing interim chief Baker has also taken over as operations and planning.
ment of the overall marketing executive Stuart Bodey. O’Neill chairman of Kasbah’s audit
strategy for the Razorback iron was the company’s chief fi- committee following the retire- Bryan Dixon
project. nancial officer for the past six ment of Graham Freestone
earlier this year. Hawkstone Mining Ltd has
Steve Scudamore has joined months, with long-serving fi- appointed former chief
Regis Resources Ltd as a nancial controller Chloe Lam to Tim Ashworth (executive technical officer for Lithium
non-executive director. His ap- fill that role. Kingsrose has also general manager) and Mi- Americas Corp David Deak
pointment is part of a succes- appointed John Nguyen as site chael James (mine manager) as an advisor to the company.
sion plan which will see long- general manager to be based have joined Axiom Mining Ltd’s Deak is currently president of
serving director Ross Kestel at the company’s Way Linggo operations team at San Jorge, private company Marbex LLC
to step down from the board at project in Indonesia. Solomon Islands. and previously helped Tesla Inc
establish and grow its supply
this year’s AGM in November. Peter Munachen has retired Steve McClare has stepped chain for lithium and other bat-
from his role as a non- down as managing director tery materials.
Peter Williams and Marat executive director of BMG Re- of Hillgrove Resources Ltd.
Abzalov have been appoint- sources Ltd. AVZ Minerals Ltd has added
ed directors of US-focused solicitor Peter Huljich to its
board as an independent non-
copper explorer Alderan Re- Australian Potash Ltd has executive director. Huljich and
sources Ltd. Brett Tucker has appointed Scott Nicho- David Turvey have also joined
stepped down from the board, las as chief financial officer, a Kogi Iron Ltd as non-executive
but will continue as company position he previously held at directors, while Michael Tilley
secretary. MACH Energy Australia Pty Ltd departs after three years on the
board.
Michael Mulroney has re- and Atlantic Ltd.
placed Shaun Day as the
Northern Star Resources Ltd Miguel Lopez has resigned
nominee on the board of Supe- as a director of Stellar Re-
rior Gold Inc. sources Ltd after almost five
years serving on the company’s

Ian Clyne has been unveiled board. Gary Feitz has been an-
as the new chairman of Ge- nounced as his replacement.

opacific Resources Ltd fol- Former Gold Road Resourc- Steve McClare John Richards has been add-
lowing the retirement of Milan es Ltd managing director ed to the board of Saracen
Jerkovic. Clyne, who has been and chairman Ian Murray has Mineral Holdings Ltd.
a member of the company’s joined the board of Tanzanian
board since 2016, has more graphite developer Black Rock
than 35 years of international Mining Ltd as a non-executive
banking experience, including director. Murray’s arrival coin-
11 years working and living in cided with the appointment of
Papua New Guinea, most re- Jeff Dawkins as chief financial
cently as group chief executive officer and company secretary.
of Bank South Pacific Ltd.

Page 80 JUNE 2019 AUSTRALIA’S PAYDIRT

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leftfield

Netball hit by
gold fever

Some of the gold industry’s biggest ment in the gold industry and The Gold Industry Group is tipping $5 million
names have thrown their support be- pursue higher education op- into all levels of netball across WA
hind growing the game of netball in West- portunities.
ern Australia. tween supporting the netball stars of today
Gold Industry Group vice- and tomorrow and in developing our own
The Gold Industry Group has committed chairperson Kelly Carter said the partner- pipeline of female industry leaders.”
$5 million to the sport – the largest single ship was one of a kind.
investment in Netball WA’s 95-year history – Gold Industry Group members support-
with the landmark partnership covering sup- “This is an unprecedented project for the ing the partnership include Gold Fields Ltd,
port across every level of completion, from resources sector, with member companies Northern Star Resources Ltd, Saracen Min-
the grassroots to last year’s Suncorp Super of the Gold Industry Group working collec- eral Holdings Ltd, Newcrest Mining Ltd, St
Netball runners-up West Coast Fever. tively to generate real benefit for our commu- Barbara Ltd, Newmont Australia Corp, Angl-
nities in both metropolitan Perth and the re- oGold Ashanti Australia Ltd, Gold Road Re-
More than 230,000 netball participants mote regions in which we operate,” she said. sources Ltd and Ramelius Resources Ltd.
across WA are expected to benefit from
the record cash injection. The Gold Indus- “The Gold Industry Group, on behalf of
try Group will also work with Netball WA to its member companies, has demonstrated
create a pathway for women to gain employ- a longstanding commitment to diversity and
inclusion and we see important parallels be-

INDEX

Acacia 8 Dark Horse 35 Kirkland Lake 78-79 Saturn 79
Kogi 80 Sayona 80
Adaman 60 E2 Metals 36 Sibanye
Elementos 80 Sigma 7
Adriatic 48 Emmerson 56 Sipa 37
Emu 43, 46 SolGold 50, 52
Albemarle 30 Encounter 50-51 Latin 29, 37 South32 40
Evolution 59 Lithium Americas 80 SQM 42, 62
Alderan 80 Exore 67 Lithium Australia 6 Stellar 30, 34
Liontown 78 Strike 80
Alicanto 74 Finders 21 Lundin 40 Superior Gold 29
First Quantum 37, 42 80
Altura 62 Fortescue 40, 77
Freeport
Anglo American 7, 36, 77 36
Galan
AngloGold 7, 35, 36, 44 Ganfeng 29, 32
Geopacific 5, 30
Antipa 19, 50, 51, 52, 60 Gindalbie 80 Magnetite Mines 80
Glencore 19
Atlantic 38 Gold Fields 80 Metals X 19, 50, 54-55
Gold Road
Aurelia 80 Great Boulder 7, 43, 60 Meteoric 36
Great Panther 57, 80
AusQuest 42 Greatland 78 Mineral Deposits 69 Talga 74
80 Tando 6
Austral 69 Hancock 51 Mineral Resources 5 Talison
Harmony Technology Metals 76
Australian Potash 10, 11, 80 Hawkstone 40 Mt Gibson 14 Teck 6
Hillgrove 7, 19 Tempus
AVZ 80 Hot Chili Myanmar Metals 72-73 Teranga 41, 75
80 Territory 40
Axiom 80 IAMGold 19, 80 Tianqi
Independence Tietto 67, 69
Azure 41, 45 34 Neometals 5-6 TNG 56
Jupiter Toro Gold 30
69 Newcrest 40, 50-51 Troy 67
Kalium Lakes 50-51, 65
B2Gold 68 Kasbah Newmont 27, 35, 36, 48, 51, 64 6, 76
Kingsrose 23, 48 67, 68
Barrick 8, 19, 43, 46, 48, 67, Kinross Nickel Mines 21, 23-25, 27, 48
10, 11 39
68-69 80 Northern Star 59, 80

Bassari 69 21, 80 Nusantara 21-22, 26-27
69
Battery Minerals 80

Bellevue 78 OceanaGold 22
Oklo 68
BHP 13, 27, 34, 37, 40, 42, 46, One Asia 22
Orca 80
62, 77 Orocobre 29 Vale 13, 36, 37
Oz 34 Vedanta 75
Black Rock 80 Venture 15
Venturex 57
Blackham 80 Vista 22
Viva 48
BMG 80

Boliden 74

Carrawine 78 Pan American 36 West African 60
CBL 37 Patagonia 36 Western Areas 66
Chesser 68-69 Peak 80 Woodside 16
Codelco 36 Pensana 79
Comet 80 Perseus 66-67
Condamine 80 Pilbara 62
Continental 44
Coronado 48 Yamana 35
Crusader 36
Regis 80

Rio Tinto 27, 36, 50-51, 52, 62, Zinc of Ireland 75

76-77

Page 82 JUNE 2019 AUSTRALIA’S PAYDIRT

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