pd254-October17 mag-web

And then there were two...

Independence Group Ltd’s Dudley said.
land grab and Mark Creasy’s
prominence in the area means “Everyone has been
the Fraser Range is tied up by
big hitters with the capacity to looking for a conductor
deliver Nova Mark II.
– or the eye formation of
The influx of juniors to the
Fraser Range upon the Nova Nova. In this part of the
discovery in 2012 has now
dissipated with the region world, nickel is not stick-
proving a real challenge for
even the most ardent of ex- ing out of the ground.”
plorers.
Boadicea hopes to get
However, one junior staying
put in the Fraser Range for a better understanding of
now is Boadicea Resources
Ltd. Symons Hill with a drill-

Boadicea and Matsa Re- ing programme planned
sources Ltd are essentially
the last independent junior for November or early in
companies standing in the
Fraser Range, with the former 2018.
expressing a desire to bolster its activi-
ties at Symons Hill, which abuts the Nova Dudley said there was
nickel mine.
an overall uptick in the
Last month, the company rationalised
its portfolio by surrendering the Edgar exploration scene and
Range and Pine Grove projects, while
the size of the holding at Lake Ner- despite some renewed
ramyne has been reduced from 164sq
km to 39sq km. enthusiasm in the sector,

The company’s decisions has freed up access to affordable ser-
$250,000 in licence holding costs and
other commitments. Boadicea is one of the remaining juniors exploring vices was still available.
for nickel in the Fraser Range “It strikes me that explo-
The extra cash will be deployed in the ration is getting a boost
Fraser Range, while other opportunities
in the nickel, gold and lithium space will ment of Mines and Petroleum. everywhere with companies being able
also be assessed.
While Boadicea awaits confirmation to raise money and there is even some
Speaking to Paydirt, Boadicea ex-
ecutive chairman Clarke Dudley said the on its application, Dudley said there was good sentiment around nickel,” he said.
company was strategically placed near
both Independence and Creasy licences much interest in one of the licences re- – Mark Andrews
in the Fraser Range. cently dropped by Creasy.

“All going well, we will expand our ac- “If this area was
tivities in the Fraser Range,” Dudley said.
no good, there
“With all the experience we have and
with the enormous amount of informa- wouldn’t be the
tion we have gathered, we’ll look to apply
our formulas in the belt. We have a good amount of interest
team together now and together we have
to find something.” from a number of

Boadicea has received heritage clear- companies as there
ance at Symons Hill, which is north of
Nova and south of extensive licence currently is,” Dudley
holdings of the Creasy Group.
said.
In addition to Symons Hill, Boadicea
has applied for a 158sq km exploration However, re-
licence in the southern part of the Fraser
Range. The application was being pro- newed interest in
cessed at the time of print and subject to
granting by the West Australian Depart- the region doesn’t

necessarily mean

another world-class

deposit will be dis-

covered and being

a small company

Boadicea has cer-

tain parameters in

which to work.

“There is a limit to

what we can do. To

explore deeper will

be expensive. Our

strategy has always

been to have a look

at things and move

on quickly, but the

Fraser Range is

tantalising. You only

have to look at In-

dependence and

Creasy to under-

stand the pedigree

of the whole area,”

AUSTRALIA’S PAYDIRT OCTOBER 2017 PAGE 101

REGIONAL ROUNDUP LATIN AMERICA

Chile’s presidential hopefuls
propose sweeping changes

Two of Chile’s three main candidates Among the key policy areas that inves- to advance toward adding value.”
in the November presidential election tors are watching is mining, as Chile is Sanchez, who represents the newly
have proposed broad changes for the the world’s number one copper exporter
mining sector. but faces falling productivity as much formed Frente Amplio bloc, pledged to
of the country’s best-quality ore has al- hike mining taxes to raise an estimated
At an event organised by business ready been mined. $US1.8-2.5 billion in funds to pay for a
group Sofafa in downtown Santiago, revamp of the nation’s increasingly un-
centre-left candidate Alejandro Guillier Guillier told the gathering his govern- popular social security system.
struck a pro-business tone but said he ment would speed up Chile’s environ-
would consider modifying free trade ac- mental permitting process, which many She added that she would like to see
cords to promote the local smelting in- have accused of being too onerous. He state-run copper giant Codelco play a
dustry. said the Government could avoid inter- larger role in Chile’s mining industry.
agency confusion by delegating more
Hard-left candidate Beatriz Sanchez, decision-making to regional authorities. Francisco Orrego Bauza, a lawyer
meanwhile, pushed for billions of dol- and legislative aide representing inves-
lars in new taxes on mining companies, Guillier added the Government need- tor favourite Pinera, gave relatively few
a stark contrast to proposals from a rep- ed to take a more hands-on approach to specifics and did not take questions.
resentative of conservative frontrunner promoting value-added industry, given His speech focused on spurring private
Sebastian Pinera to streamline the per- that Chile – despite being the wealthiest sector investment, and he said a Pinera
mitting process for new mines. nation in Latin America – is still heavily Government would create an agency
dependent on raw material exports. that actively supported large-scale and
Pinera, a billionaire former president, greenfield mining projects.
currently has a large lead in the polls He said his campaign team was study-
over Guillier and Sanchez. However, it ing the possibility of modifying free trade – Gram Slattery, Reuters
is unlikely any candidate will win enough accords which penalise refined copper
votes in the November 19 election to exports from Chile, in effect incentivising
avoid a December runoff, and any sec- raw concentrate.
ond-round vote with Pinera looks to be
much closer. “We can’t keep growing only on raw
material exports,” Guillier said. “We have

PAGE 102 OCTOBER 2017 AUSTRALIA’S PAYDIRT

LATIN

AMERICA

16-17 May 2018

Perth,Western Australia

LADU offers unrivalled access, information, opportunity and

discussion on mining in this dynamic region.

• An untapped region full of potential

• Establish new networks and build relationships with key stakeholders
• Gain unique access to Latin American ministerial delegations

• Exchange ideas
• Discover more about best practice in Latin America – government relations, law, infrastructure,

finance, security, sustainability and social responsibility

“The DFAT meeting room worked “It was a good conference and nice
really well and it was great to meet to have the positive sentiment
the delegations. Our meetings with the returning to the marketplace, Paydirt
Vice Ministers/Directors were definitely again playing a critical role in that
productive.” – First Quantum Minerals facilitation.” – 5th Level Consulting

www.latinamericadownunder.com

To present, exhibit or attend as a delegate please contact
Mel Fogarty on (+61) 8 9321 0355 or email [email protected]

REGIONAL ROUNDUP

No rock and hard place
for Argosy

In addition to a one-year preliminary off-take agreement, a separate five-year agreement for 1,000 tpa of battery grade LCE
from stage two is included in the transaction between Argosy and Qianyun

Hard rock lithium players on the ASX in Argentina. companies and investors to take a closer
have garnered fair attention as the Orocobre Ltd has shown how to be look at the jurisdiction.
rush to a technology-based, battery pow-
ered future, particularly in China and successful in the same patch Argosy is Companies considering investment
across Europe, charges ahead. targeting, with the latter appearing to be in the Argentine lithium brine sector will
stepping up to the plate at the right time. come to realise the significant boxes
Galaxy Resources Ltd, Neometals Ltd, ticked by Argosy in the past two months.
Mineral Resources Ltd and Pilbara Min- “Orocobre has done an amazing job,”
erals Ltd are among the companies to Argosy managing director Jerko Zuvela A game-changing moment for Argosy
have captured investor attention by pro- told Paydirt. “The former government came in August in the form of an invest-
viding valuable insight into the reasons made it very difficult to do business in Ar- ment and off-take agreement with Qing-
world-class lithium assets are highly gentina at the time and they [Orocobre] dao Qianyun High-tech New Material Co.
sought after. are in a province that the Fraser Insti- Ltd.
tute does not rank very highly. Orocobre
Away from this elite group of compa- has had nothing but roadblocks thrown An upfront $26.4 million investment by
nies enjoying widespread support, Argo- in their way, so what they have done is Qianyun, which includes $9.5 million for
sy Minerals Ltd has been flying under the amazing.” an initial agreed offtake amount of bat-
radar, quietly going about its business tery grade lithium carbonate equivalent
and kicking some big goals on its lithium Along with Orocobre, Argosy hopes and a placement of shares worth $16.9
brine interest across the Pacific Ocean to create some momentum in Argentina million, gives the Chinese battery com-
and Zuvela encouraged other Australian pany 19.9% of Argosy.

PAGE 104 OCTOBER 2017 AUSTRALIA’S PAYDIRT

LATIN AMERICA

Argosy may elect to offer Qianyun the opportunity to subscribe
for an additional 5% equity interest

Upon transaction completion, Argosy different concept. You can So far, the jigsaw has come together
will be in a strong position to fast-track have all the resources in quickly for Argosy, given that a deal with
development of the Rincon lithium pro- the world in brines on a salt Rincon vendors Alurralde and Menendez
ject, within the Salar del Rincon in Salta lake, but if you don’t have was struck only 12 months ago.
province. a process, what have you
got? Without those process- Following entry at Rincon, Argosy en-
At the time of print, Qianyun had for- ing technologies you’re left gaged with Qianyun in April and by Au-
warded a deposit as part of the $9.5 mil- floundering really.” gust had a deal on the table.
lion prepayment for an agreed quantity
of battery grade LCE product during the Argosy entered the farm-in, JV agree- Qianyun’s preparedness to deal with
first year of production at Rincon. ment with Alurralde and Francisco Me- Argosy so quickly demonstrates the
nendez at Rincon 12 months ago. quality of Rincon and the hunger for lithi-
“We aim to have first product by the um from Chinese companies.
end of first quarter next year,” Zuvela Argosy can earn a 90% interest in the
said. Rincon JV entity and given the significant “They are prepared to take what they
capital investment and off-take agree- can, which has helped expedite things
“We are putting in place what we need ments with Qianyun, there is enough for us,” Zuvela said.
to do to achieve that; completing the money for stage two development work
pond evaporation construction work and to progress. “Sure, things can go wrong, but I think
completing the lab scale pilot plant and we knew we had the pieces and the puz-
processing that to have first product in Subject to milestones, such as the eq- zle to put them in. I think we understood
first quarter next year.” uity subscription being fulfilled and pro- the timeframe and we outlined our strat-
duction targets met, Argosy has agreed egy early doors, so it really is coming
The chemical processing involved in to grant Qianyun the right to offer fund- together nicely. If we can keep on going
brine operations means complexities can ing for stage three of Rincon and build on with it – build the ponds, build the plant,
arise, however, Zuvela doesn’t expect to production rates of 1,000-1,500 tpa LCE evaporate, process and concentrate the
encounter any issues. achieved in stage two. brine and put it through the plant – we’ll
come out with good product.”
“We have a guy – Pablo Alurralde – Argosy will convert to 90% owner-
who has been involved in the lithium ship in Rincon by reaching stage three In the meantime, Argosy and Qianyun
carbonate space for the last 35 years, and the company is already setting itself will attempt to deepen their relationship
including 15 years developing processes up for this scenario, purchasing more by collaboratively considering acquisi-
and patents for FMC. We are in good ground at Rincon to accommodate infra- tion and development of lithium projects
hands, so if there are any complexi- structure requirements in the future. in China during the next two years.
ties we have the best hands on the job.
Based on the ‘she’ll be right mate type “The more ground we have got, the – Mark Andrews
approach’ we have all faith in Pablo to more potential resources we have got.
be able to deliver within that timeframe,” However, the ground that we picked up
Zuvela said. [recently] was purely for infrastructure
and development purposes – building
“It really is the difference between hard ponds, building the plant for stage three
rock and brine projects. In hard rock pro- operations. It really is locking those puz-
jects you need to go and find a resource zle pieces into the jigsaw,” Zuvela said.
but our strategy has been a little bit of a

AUSTRALIA’S PAYDIRT OCTOBER 2017 PAGE 105

REGIONAL ROUNDUP

Highlands one step ahead

Highlands is benefiting from cobalt production at Ramu

With cobalt prices doubling to (85%), PNG Government and landown- into JV discussions with Sojitz. It has at-
$US60,000/t since the start of the ers (6.44%) – is achieving record pro- tracted interest from them in terms of the
year, many companies are scampering duction rates and is forecast to produce nickel price increase, so we are currently
for projects containing the blue metal. 32,600t in nickel concentrate and 3,300t looking at whether there is another drill-
cobalt in FY2017. ing programme to take place next year,”
One company ahead of the emerg- Lennon said.
ing pack is Highlands Pacific Ltd at the Lennon believes the market hasn’t yet
Ramu nickel-cobalt project in Papua fully appreciated Highlands’ participation “We will push along with that one, we
New Guinea. at Ramu, however, that is proving no de- are confident that there is a laterite de-
terrent to its pursuit of further nickel lat- posit there; it is just a question of what
“We are actually mining cobalt right erite opportunities in PNG. the grade is. If it is sufficient then a direct
now and are leveraged to the cobalt shipment operation might be possible,
price. We are getting a margin now and Japanese outfit Sojitz is partnering otherwise processing through Ramu is
have been for the whole year,” Highlands with the company at Sewa where a direct also a possibility.”
managing director Craig Lennon told shipping operation is being targeted.
Paydirt. Sojitz’s participation at Sewa is not the
Sojitz is currently funding expenditure only major interest Highlands has attract-
Commissioning of Ramu started in at Sewa, where nickel laterite drilling ed in its portfolio, with Anglo American
2012, with the lateritic HPAL plc spending $US25 million and outlining
plant heading towards name- has returned hits of 1.1m @ an inferred resource of 3mt contained
plate capacity this year. 1.61% nickel, 1m @ 1.43%, copper to achieve 51% ownership of the
2.4m @ 1.42%, 1m @ 1.41% Star Mountains project.
Lennon said the 45 degree and 1.9m @ 1.4%, all from
trajectory of the ramp-up surface. Anglo American paid an initial $US10
at Ramu compared favour- million to enter Star Mountains, with its
ably against similar projects Lennon said there was next milestone to complete a BFS and
around the world. potential to send Sewa ma- take its interest to 80%.
terial to facilities at Ramu,
“There have been some however, with the operation Lennon said Star Mountains had the
around the world which have only just hitting nameplate potential to be the type of big project
had a lot of problems and consistency, production was suited to Anglo American and the short
never really reached name- the priority. amount of time in which it had reached
plate,” Lennon said. its earn-in milestones indicated how “se-
“The view there is if we rious” the major was about developing it.
Ramu – owned by High- find anything that might be
lands (8.56%), MCC Ramu Craig Lennon suitable we would then enter

PAGE 106 OCTOBER 2017 AUSTRALIA’S PAYDIRT

ASIA

“They have now taken over manage- Anglo American has reached 51% ownership of Star Mountains,
ment of Star Mountains which shows having committed $US25 million to the project already
how serious they are in looking there.
The market is probably waiting for some gets there are. It was a milestone for the known because no-one is going to get
results from the project for the value to SML application to be made with Frieda it exactly right on what the electric vehi-
flow through to Highlands,” he said. and the EIS to be put in, so we made big cle market is going to mean. There are
steps there.” a lot of people out there trying to predict
Market observers will also be inter- what it is going to mean in regards to the
ested in how the permitting process at Lennon said after a lot of hard graft, demand for the different batteries and
Frieda River is progressing. Ramu was also starting to bear fruit. which ones are going to be successful.

Recent elections in PNG have taken “Production is at nameplate and we are “Nevertheless, they’re certainly going
precedence for government, with permit- getting a good margin which will improve to contain nickel and cobalt. Therefore, I
ting for Frieda River held up in the pro- if we get a rise in the nickel price. Ramu think in the year ahead, Ramu could be a
cess. is so heavily leveraged to nickel and co- real eye opener for Highlands and poten-
balt pricing going forward,” Lennon said. tially for shareholders,” he said.
A Special Mining Lease (SML) appli-
cation and EIS was lodged by Highlands “I guess where that [Ramu] goes and – Mark Andrews
for Frieda River last year, with potential where that leverage is, is a bit of an un-
production targeted for 2024/25.

“We are hoping that in the second half
of the year we will start to get some feed-
back from the Government as to how
that permitting process is going,” Lennon
said.

“You only have to go back to Ramu
which was probably one of the last SML’s
permitted and that took a year back
in 2000. Therefore, a period of 12-18
months is probably the norm for such
a big project and with elections having
been held there along the way it is prob-
ably something that still has a bit of time
to go.”

Despite elections slowing things at
Frieda River, Lennon said Highlands had
made “remarkable” progress at all of its
projects in PNG in the past 12 months.

“It has been quite remarkable. Star
Mountains has lots of activity in terms of
drilling, geophysics and field mapping,”
he said.

“Anglo, along with us, have put in a
lot of effort there in identifying what tar-

Mayur floats to PNG

As Paydirt went to print, Mayur Re- cision. A PFS on Orokolo, on the south- several large-scale lime companies.
sources Ltd was preparing to list on ern coast of PNG, was completed based Since 2011, Mayur has been working
the ASX. on a low-cost mining operation using a
combination of excavators and simple on acquiring, exploring and developing
The company’s IPO was heavily over- gravity and magnetic mineral processing. mineral and energy opportunities in PNG
subscribed, with a maximum subscrip- and neighbouring countries.
tion of $15.5 million raised through the The PFS also identified the opportuni-
issue of 38.3 million shares at 40c. ty to establish a multi-product mine that Mayur managing director Paul Mulder
could produce fine grain construction said the strong support for the IPO re-
Mayur now has a solid funding base to sands, titanomagnetite (iron ore), indus- flected the prospectivity of its projects in
advance of host of projects in the portfo- trial magnetite and a zircon-rich valuable PNG.
lio, most notably the Orokolo Bay indus- heavy mineral concentrate by-product.
trial sands, Port Moresby limestone and “We have now secured the financial re-
the Lae power project. A permit has been secured to export sources to advance our projects accord-
up to 200,000t of material that may en- ing to our timetable, and we look forward
Additionally, the company has copper- able the company to begin shipments to working with all our new shareholders
gold interests in the New Ireland and within 14 months of listing. to achieve our ambitious growth plans,”
Milne Bay provinces and while they will Mulder said.
receive some attention, the immediate In addition to Orokolo, the Port Mo-
focus will to deliver a DFS on Orokolo resby limestone project, is a focus for Mayur’s official listing date was sched-
and move towards a final investment de- Mayur to deliver high-grade limestone to uled for September 21.

AUSTRALIA’S PAYDIRT OCTOBER 2017 PAGE 107

REGIONAL ROUNDUP EUROPE

Sun rises for Ferrum in Spain

Depressed iron ore prices and the mas- Mapping and geochemical work has identified mineralisation at surface, with values in
sive capital costs to get the Moonlight soil up to 1.4% zinc and 1.2% lead
magnetite project off the ground were
behind Ferrum Crescent Ltd’s decision to end it seemed better for us to go for the turned to our Australian listing and our
offload the South African asset. London investors, I’m not sure they feel Australian interests for any funding,”
like that today. We are actually at an Tooth said.
In July, the project was sold for $1,000, all-time low. I do think it is the bottom,
bringing an end Ferrum’s commitments though,” Tooth said. Tooth hopes shareholders ratify the
in South Africa. funding strategy at a general meeting in
Accompanying Tooth to Toral was well- Perth this month and give the company a
The company’s transition into a lead- known Australian fund manager Myles chance to build on the Toral story.
zinc explorer in north-west Spain will Campion.
take another step this month when The company is represented by UK
shareholders vote on the issue of new “We will come up with a new presenta- and Australian directors with Grant Bur-
ordinary shares to raise $2.7 million by tion and devise our next phase of drilling ton and Evan Kirby making up the Perth
way of private placement and the ratifica- at Toral,” Tooth said. contingent.
tion of 322,000 shares in relation to the
fund raising announced in June. The aim for Ferrum is to convert the “I think we will be heading down there
Canadian resource at Toral to JORC soon to pick up a relationship with one
Net proceeds from the placing will sup- standard based on an updated geologi- of the brokers to develop a new interest
port ASX- and AIM-listed Ferrum’s ongo- cal model combined with 44,000m of in a new story, which is zinc obviously,”
ing exploration programme at Toral. historical drilling undertaken by third par- Tooth said.
ties.
A recent six-hole drilling programme at With zinc demand growing and sup-
Toral in the province of Léon, confirmed “We are still a tiny company, so it is al- ply constrained, Tooth is confident zinc
lead-zinc intersections in each hole, with ways a question of trying to take positive prices can hold strong, while Toral could
high-grade hits in three holes. steps with limited means. We are listed be a centrepiece for any company.
in Australia, but we haven’t yet actually
More than 1,000m was drilled within “I think zinc is one of the metals where
200m of surface, with results including demand is not that elastic to the price.
1m @ 1.22% lead, 9.77% zinc, 3m @ That is why it has doubled and who is to
0.64% lead, 6.46% zinc, 1m @ 0.67% say whether it will or won’t double again,”
lead, 16.1% zinc, 1m @ 6.51% lead, 6.5% he said.
zinc, 3m @ 6.03% lead and 5.49% zinc.
“I think there are other bigger mining
Zinc prices have doubled since Janu- companies that are looking for deposits
ary 2016 to above $US3,000/t at the like ours, but we will soldier on to grow
time of print, but while there is a current our resource and to drive the plan to
rejuvenation in Australia’s junior sector, some kind of economic feasibility. Our
Ferrum executive chairman Justin Tooth deposit is very well served by infrastruc-
said London investors had yet to warm to ture because we have got road, rail and
such stories. river at the bottom of our valley. Toral is a
hill, with a very high voltage power cable
Speaking to Paydirt enroute to Spain going right over it. We happen to have a
from London, Tooth said Ferrum’s share smelter a couple of hundred clicks away
price had hit an “all-time low”. and a port on the west coast as well.”

“The sentiment in Australia is better
than in London. We nearly did affect a
plan down there in Australia, but in the

– Mark Andrews

Toral, in north-west Spain, is close to sources of infrastructure, including a port

PAGE 108 OCTOBER 2017 AUSTRALIA’S PAYDIRT

is now digital!

FREE access to Paydirt Digital with every magazine subscription

to Australia’s Paydirt and Gold Mining Journal

New Features:
• View Paydirt Digital on Mac, PC, iPad, iPhone and Android devices

• Watch videos and listen to audio recordings
• Direct links to promotional material & websites

• More photos
• Print out the whole magazine or a selected range of pages

For further enquiries please contact Mitchelle on (+61) 8 9321 0355
or email [email protected]

Diatreme lands partner Thiess grows Brierty has already concluded negotia-
for Cyclone BFS Indonesian coal book tions over an orderly handover of works
with Newmont at its Boddington gold
Mineral sands hopeful Diatreme Re- CIMIC Group’s global mining services mine

sources Ltd has signed a non-binding provider Thiess has boosted its coal op- Pilbara finds suitors for
key contracts
MOU with China ENFI Engineering Cor- erating portfolio in East Kalimantan, In-
Pilbara Minerals Ltd has awarded key
poration (ENFI) for the completion of donesia, by more than $700 million. power and open-pit mining contracts as
construction activities ramp up at its Pil-
a BFS on the Cyclone zircon project in Thiess was recently awarded a new gangoora lithium project.

WA’s Eucla Basin. contract at the Gunung Bara Utama coal MACA Ltd will provide mining services
for an initial term of two years, with three
ENFI is backed by Metallurgical Cor- mine to deliver total mining solutions un- one-year options to extend.

poration of China, a wholly owned sub- til 2024, with expected revenue of $437 The $35 million a year contract in-
cludes drill and blast and load and haul
sidiary of the China Minmetals Group million. services, based on a mining rate of 8
mtpa for the production of ore to meet
and one of China’s largest mining-related The company has also secured a $300 feed requirements of the Stage 1 project
development.
state-owned enterprises. million contract extension at Harum En-
Pre-stripping of the main deposit is
Under the final terms of the MoU, ergy’s Mahakam Sumber Jaya coal mine expected to begin next month, with min-
ing activities to progressively ramp up
which were still being negotiated at the until March 2021, continuing CIMIC’s 13- through the rest of 2017 and into next
year ahead of the expected first shipment
time of print, ENFI will undertake the pro- year association with the operation. of spodumene concentrate in Q2 2018.

ject’s engineering design and planning to A seven-year power build, own, oper-
ate contract has been awarded to Con-
determine definitive final project costings tract Power Group, with the provision for
dual fuel and solar-hybrid applications
Under-admin Briertyand its subsequent implementation. within the first two years of the deal be-
ENFI will also assist Diatreme in sourc- ing formally executed.

loses contractsing potential project equity or JV partners CSA studies up on
Troubled contractor Brierty Ltd has Manbarrum potential
from within its extensive network, as well
as facilitating engagement with Chinese agreed to conclude mining services con- Todd River Resources Ltd has appoint-
banking consortiums to assemble the tracts it holds with both Rio Tinto Ltd and ed CSA Global to undertake a conceptu-
project financing necessary for construc- Newmont Mining Corp in Western Aus- al mining study on the Manbarrum zinc-
tralia. lead project in the Northern Territory.
tion of a mine.
Brierty appointed The purpose of the study will be to es-
tablish criteria for development of Man-
Matthew Woods, barrum, about 70km north-east of Ku-
nunurra.
Hayden White and
CSA Global has proposed to “explore
Clint Joseph of KPMG a range of key project parameters to

as administrators on

September 6 after run-

ning into financial diffi-

culties.

Brierty said it was

working with Rio Tinto

to agree a mutually

suitable outcome for

a handover of works

on the Western Turner

Syncline and Maran-

doo projects. It said

it was grateful for Rio

Tinto subsidiary Ham-

ersley Iron’s support

Diatreme has partnered with China ENFI to complete a for Brierty personnel

BFS on its Cyclone zircon project on site.

PAGE 110 OCTOBER 2017 AUSTRALIA’S PAYDIRT

identify the circumstances required to tember 1 ahead of the 12 vertical hole Under the terms of a gas transporta-
support the project development and to
enable it to be successfully developed”. programme. tion agreement, APA Group will construct

The study is due to be completed in Drilling will assess grade along strike a 4km lateral from its Eastern Goldfields
early October.
of the mineralisation exposed in the open pipeline to the site of the Mt Morgans
Manbarrum was the flagship project in
TNG Ltd’s portfolio prior to the discovery pit, where pegmatite occurrences are power station, which will be located ad-
of the Mount Peake vanadium-titanium-
iron deposit. TNG spun out several non- known to thicken. jacent to the new 2.5 mtpa CIL treatment
core assets, including Manbarrum, into
Todd River via an IPO earlier this year. facility.

NRW bids for contract CuDeco keeps faith in The 4km gas lateral – to be referred
at Carrapateena to as the Mt Morgans gas pipeline – will

NRW Holdings Ltd is finalising negotia- Oz Mining connect to a barred-tee installed into the
tions for a lump sum contract at Oz Min- Eastern Goldfields pipeline.
erals Ltd’s Carrapateena copper-gold
development project in South Australia. The agreement is for up to 10 years

The proposed contract, valued at $111 following an initial six-month period
million, comprises construction of the
western access road, a tailings storage allowing Dacian to reach steady-state
facility, quarry and airstrip.
operations and determine actual gas
Details of the negotiations became
public in late August when Oz confirmed volumes prior to executing formal pay
it had received board approval to develop
the $916 million project following suc- commitments.
cessful completion a revised feasibility
study. Gas will be transported to the power

Meanwhile, NRW’s wholly-owned sub- station in early 2018 as the company
sidiary Golding Contractors Pty Ltd has
been awarded a $25 million contract at moves towards first gold production in
the Broadlea coal mine, 150km south-
west of Mackay in Queensland, to pro- March.
vide a full suite of mining services, in-
cluding mine operator, over the next 12 Dacian will contribute $4.5 million
months.
to the cost of the related gas infra-
NDRC drills into
Dalgaranga structure, with the remaining capital
CuDeco has retained Oz Mining as the lead mining and operating costs to be paid to APA
Mount Magnet-based drilling contrac- contractor at its Rocklands copper operation via a transporting tariff. Under the pro-
tor NDRC Drilling has been tasked with
completing the current RC programme Queenland copper producer CuDeco posed 10-year term, the total contract
at Krakatoa Resources Ltd’s Dalgaranga Ltd has awarded the phase two mining sum is about $57 million.
lithium-rubidium project. contract for its Rocklands operations to
Oz Mining Pty Ltd. The company has also signed a let-
The first drill rig arrived on site on Sep- ter of intent to award a power purchase
Oz has been operating at Rocklands agreement to Zenith to build, own and
since February, with the new contract operate a 17MW gas-fired power station,
based on the same terms originally to be constructed next to the CIL treat-
signed by both parties. ment facility.

Operations at Rocklands were expect- Work has begun on engineering and
ed to continue without disruption during design, with a number of long-lead items
the phase two transition period. such as gas generators, buildings and
control panels ordered ahead of the start
Roc-Drill Pty Ltd is continuing as the of imminent civil works.
drill and blast contractor.
Commissioning of the gas-fired power

station is scheduled for early Q1 2018.

Dacian powered for Mt All capital and operating costs for the re-
Morgans start lated infrastructure and ongoing supply
of electricity under the power purchase
Dacian Gold Ltd has struck deals with agreement will be paid to Zenith via an
APA Group and Zenith Energy Ltd for operating tariff over an eight year-term.
power generation at its Mt Morgans gold
project in Western Australia. Dacian expects to finalise a supply
contract with a gas provider this quarter.

AUSTRALIA’S PAYDIRT OCTOBER 2017 PAGE 111

COMINGS AND GOINGS

Perseus Mining Ltd has also sits on the board of Zeta erals, Allan is currently con- on Alkane’s board as techni-
appointed Sally-Anne Resources Ltd. tracted by Cartesian Capital cal director. In other board
Layman as a non-executive Group LLC as an independ- changes, Ian Gandel has
director. A former division di- Keith Pollocks has as- ent consultant providing succeeded the retiring John
rector for investment bank sumed company sec- commercial, technical and Dunlop as chairman of the
Macquarie Ltd, Layman will retary responsibilities of strategic input to a variety of company.
also chair the company’s au- Kasbah Resources Ltd from investments in its portfolio,
dit and risk committee and Trevor O’Connor. including Orinoco’s Cascavel Vern Tidy has been ap-
sit on the remuneration com- gold project in Brazil. pointed interim chairman
mittee. Meanwhile, Merlin Zenith Energy Ltd has ap- of Brazilian copper producer
Thomas has been appointed pointed Stephanie Un- Martin Reed has stepped Avanco Resources Ltd fol-
general manager of the com- win as an independent non- down as interim chief op- lowing the retirement of Colin
pany’s Sissingue gold mine in executive director. Unwin is erating officer at Sandfire Re- Jones.
Cote d’Ivoire. managing director of ASX- sources NL after 12 months
listed biotechnology company in the role. Former Peak Re- Gareth Jones has resigned
Campbell Baird Phylogica Ltd and previously sources Ltd managing direc- as company secretary
served on the boards of Inte- tor Richard Beazley has been and chief financial officer of
Campbell Baird has gra Mining and Alacer Gold appointed acting chief operat- Poseidon Nickel Ltd after
stepped down as man- Corp. ing officer, with Reed to con- 10 years with the company.
aging director of Indiana Re- tinue to provide assistance to Craig Davidson will fill the role
sources Ltd as the company Tim Kestell has been ap- the company on a consulting of chief financial officer on a
looks to diversify outside of pointed non-executive basis. part-time basis, while Eryn
Tanzania. Baird will remain director of Riva Resources Kestel will continue as sole
available to assist the com- Ltd. Kestell helped float and Vector Resources Ltd has company secretary.
pany with ongoing adminis- recapitalise a number of pub- appointed former Moto
trative tasks and to support a licly listed companies during Goldmines executive An- Tony Walsh
handover to the new manag- stints with stockbroking firms drew Steers as its new chief
ing director once an appoint- Euroz Securities and Pater- financial officer. Steers has Tony Walsh has resigned
ment had been made. sons Securities Ltd. He is cur- more than 15 years of senior as company secretary
rently a director of Neon Capi- finance and administration of Atlas Iron Ltd to pursue
Pilbara Minerals Ltd has tal Ltd and Blue Capital Ltd. experience with listed mining other business opportunities.
appointed Dale Hen- and exploration companies General counsel Bronwyn
derson as project director Genesis Minerals Ltd has developing and operating Kerr and chief financial of-
as construction of the com- added former Saracen projects in Africa and Aus- ficer Mark Hancock will share
pany’s Pilgangoora lithium Mineral Holdings Ltd chief tralia. company secretary duties.
project begins to ramp up. operating officer Craig Brad-
Henderson is a former sen- shaw to its board of direc- Mark Gwynne has stepped Classic Minerals Ltd has
ior executive at Fortescue tors. A mining engineer with down as executive chair- appointed industry vet-
Metals Group Ltd who will over two decades of industry man of Pacific Bauxite Ltd as eran Frederick Salkanovic
manage Pilbara’s transition experience, Bradshaw has part of a board restructure. as a non-executive director
to operations and ultimately also held senior roles at Inter Gwynne will continue as an as the company ramps up its
oversee steady-state produc- Mining, Navigator Resources, executive director and chief exploration and mining devel-
tion. Meanwhile, Jason Cross Gold Fields Australia Pty Ltd, executive, with non-executive opment activities at the For-
has been appointed manager Fox Resources and WMC. director John Ciganek as- restania gold project.
– projects to oversee the 5 He is currently chief execu- suming the chairman’s role.
mtpa expansion project at Pil- tive of private entity Adaman Glen Masterman has re-
gangoora. Resources Ltd. Nic Earner has replaced signed from the board of
Ian Chalmers as man- Beadell Resources Ltd due
Xi Xi has joined the board Evolution Mining Ltd has aging director of Alkane to his increasing workload as
of Mineral Resources Ltd appointed Andrea Hall as Resources Ltd. Earner has head of exploration at Evolu-
as an independent non-exec- a non-executive director and been the company’s chief op- tion Mining Ltd.
utive director. Xi has served a member of the company’s erating officer since August
as a director of $US2 billion audit committee. Hall is a 2013. Chalmers will remain
private equity fund Sailing chartered accountant with
Capital since 2012 and she more than 30 years of experi- Ian Chalmers
ence in the financial services
industry and previously sat on
the board of Gryphon Miner-
als.

Andrew Allan has joined
Orinoco Gold Ltd as a
non-executive director. A
geologist with more than 30
years of experience in dia-
monds, gold and other min-

PAGE 112 OCTOBER 2017 AUSTRALIA’S PAYDIRT

SSUABSVCREIBE4N0O%W

on all new annual subscriptions

Australia’s Paydirt: 11 editions $A130 $A78

Gold Mining Journal: 4 editions $A50 $A30

Combined Subscription: 15 editions $A180 $A108

Single issue price – $A11.95 inc GST. *2 year subscription available.

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

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

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

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

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

Direct Debit EFT Name: Paydirt Media Pty Ltd Bank: ANZ Bank Branch: West Perth
Post BSB: 016 498 Acc: 8371 62319
International SWIFT Code: ANZBAU3M Please quote company name

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

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

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

Signature: .....................................................................................................................................................................
*A 3.8% surcharge will be added if paying by American Express or Diners Club

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

LEFTFIELD

UWA students trade for real

Students from the University terminals, 160 monitors and ac-
of Western Australia’s Busi- cess to markets, newsfeeds and

ness School will have access even tweets in order to demon-

to a state-of-the-art trading and strate and explore how these in-

analysis centre with the opening teract and impact prices, giving

of The Rosemarie Nathanson Fi- students valuable job-relevant

nancial Markets Trading Room. practice in the finance sector.

The training facility – the UWA commerce student Jes-

largest of its kind in Australia – sica Young said the new facility

gives students access to more would provide unprecedented

than 400 global markets and experience in financial markets.

more than 4 million gigabytes “The data we evaluate is no

of historical market data, from longer 10 years old; it’s collected

exchanges such as the ASX, in real time. It’s really valuable

NYSE, LSE and the CME, cov- to see how the theories we are

ering more than 35 million fi- UWA student Jessica Young, UWA Business School Professor taught work in real life,” Young
nancial instruments including Andrew Caminschi and UWA Business School’s Chris Fernandes said.
stocks, bonds, currencies, com-
modities and derivatives. at The Rosemarie Nathanson Financial Markets Trading Room Donations from UWA Busi-
ness School graduate and UK

“This is an advanced facility which State-of-the-art technology in financial Ambassadorial Council Member Hilton

uses industry standard tools you would terminals from some of the industry’s Nathanson, the Rosemarie Nathanson

find in a real hedge fund or trading desk leading providers means students will Charitable Trust, BHP Ltd’s John Poyn-

to really give students a cutting-edge ex- have an excellent springboard for inter- ton, Adrian and Michela Fini and the

perience,” Professor Andrew Caminschi national research opportunities. UWA Alumni Donor fund made the facil-

from the UWA Business School said. The Trading Room has 50 financial ity possible.



INDEX

Acacia 50 Evolution 5, 112 Magnetite 12 Ramelius 5
Adaman 112 Matsa 101
Alacer 112 Mayur 107 Randgold 72
Alkane 112 Metal Tiger
Allied 75 Fe 12 Minbos 34 Renaissance 5
Anglo American 8, 106-107 Ferrum 108 Mincor 58
AngloGold 72 First Quantum 46, 49, 76 Mineral Resources 100 Resolute 26, 32, 41, 51, 72, 79
Argosy 104-105 Fortescue 4, 12, 58, 112 MOD 104, 112
Atlas Iron 14, 112 34 Rio Tinto 4, 10, 67, 78, 110
Atlatsa
Avanco 8 Riva 112
Azumah 112
27, 58 Rox 88

Galaxy 104 Roxgold 79
Gem Diamonds 54, 55
Genesis Royal Bafokeng 8
Glencore 112
GME 25 Neometals 104 Sandfire 9, 112
Gold Fields 99 Newcrest 9, 66
Golden Mile 112 Newmont 5, 27, 110 Saracen 112
Golden Rim 98 Nickel West 20, 22, 23, 24,
27, 78 82-83, 100 Segue 9
Northam
Bannerman 38, 52, 76 Nzuri 8 SEMAFO 27
70
Bass 30, 72, 79 Sibanye 8

Base 31, 42, 44, 26 Siyanda 8

Battery Minerals 64 Hancock 12 South32 82-83
Harum 110
Beadell 112 Highlands 106-107 Okapi 76 St George 96-97
Horizon 95 Oklo 72
BHP 4, 10, 82-83, 84, 88 Hummingbird 27 Olary 12
Orinoco 112
Birimian 71, 72 Orion 30 Tawana 95
Orocobre 104 Teck 88
BlueJay 84 Oz 90, 111 TNG 111
Todd River 110-111
Boadicea 101 Toro Gold 27, 66

Cardinal 27, 40 Impala 8 Pacific Bauxite 112 Vale 12
Cassini 90 Independence 21, 24, 25, 30, Vector 72, 112
Celsius 65 82, 92-93, 101 Paladin 53 Vital 27, 66
Centamin 51 Indiana
Chinalco 67 Ivanhoe 112
Classic 112 8, 70
Codelco
Comet 102 Panoramic 94-95
ConsMin 56, 57
CuDeco Kasbah 112 Peak 112
9 Kefi 74, 75
111 Kibaran Perseus 4, 26-27, 48, 112 Walkabout 63
Kidman 62 West African 27, 60, 66
Krakatoa 84 Pilbara 14, 104, 110, 112 Western Areas 20, 22, 24, 82,
111 84, 96, 100
Platinium Group 8 Woodside
35
Poseidon 112

Predictive 27, 66

Dacian 111 Legend 86 Progress 66
Deep Yellow 53 Lucapa 54, 55
Diatreme 110 Lucara Pure 9 Zeta 112
55

PAGE 114 OCTOBER 2017 AUSTRALIA’S PAYDIRT



paydirt

front and back cover
supplied seperately