Phosphate Australia
Phosphate Australia Limited (POZ) has a clear corporate vision targeting ‘The production and sale of 500,000 to 1,000,000 tonnes per annum of premium grade rock phosphate with low contaminants into the Asian market’.
Highland Plains is the Company’s (100% owned) leading phosphate project in the Northern Territory. Highland Plains has an inferred resource containing 56 million tonnes at 16% P2O5. A higher grade sub-set of this resource is 7 million tonnes at 23% P2O5 in the Western Mine Target Zone (WMTZ). The WMTZ has some very shallow mineralisation and is an excellent place to target the commencement of low cost mining operations.
Phosphate Australia raises $3.8 million to progress low-cost phosphate deposit at Highland Plains
Phosphate Australia has closed a capital raising of $3.83 million share placement at an issue price of 27 cents per share.
Shares were placed with institutional and sophisticated investors, and the placement was oversubscribed.
Phosphate Australia’s Managing Director Andrew James said funds will be used to move the Highland Plains Phosphate Project towards development.
Funds will be applied towards ongoing resource drilling, metallurgical testwork, road and shipping studies and fast-tracking prefeasibility studies.
Highland Plains has a JORC-compliant inferred resource of 56 Mt at 16% P2O5. The Western Mine Target Zone, a sub-set of the global resource, contains a JORC-compliant inferred resource of 7 Mt at 23% P2O5.
Due to the surface phosphate mineralisation and thick phosphate intersections within the Western Target zone provides an opportunity to develop Australia’s lowest cost new phosphate mining operation located close to the Gulf of Carpentaria.
Other Phosphate Australia articles
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19/05/10 Phosphate Australia in discussions with partners for Highland Plains Project
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29/01/10 Phosphate Australia receives positive news on 3mtpa slurry pipeline initiative
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19/10/09 Phosphate Australia resource jumps at Highland Plains in Northern Territory
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18/09/09 Phosphate Australia keeps the high grade hits coming at Highland Plains
Other Phosphate Australia news
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09/06/10 Phosphate Australia shares rise on iron zone find at Nicholson Project
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19/03/10 Phosphate Australia updates Highland Plains Project, NT
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07/12/09 Phosphate Australia drilling studies indicate large water supply potential for Northern Territory project
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23/06/09 Phosphate Australia receives positive early metallurgical testwork results at Highland Plains, NT
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02/06/09 Phosphate Australia intersects thick and shallow mineralisation at Highland Plains, NT
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01/05/09 Phosphate Australia under the radar at Highland Plains Phosphate Project, but not for long
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31/03/09 Phosphate Australia inks maiden JORC phosphate resource of 56 mt in Northern Territory
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