viewAustralian Mines Ltd

Australian Mines bags $20M to accelerate cobalt, nickel projects

A BFS is underway at the Sconi Cobalt-Nickel-Scandium Project in Queensland.

coins arranged on a table
Increasing global demand for key battery metals

Australian Mines Limited’s (ASX:AUZ) shares are trading circa 29% higher intra-day after securing $20 million via a share placement to international institutional investors, at $0.085 per share.

Significantly, the response for the placement was overwhelming, with the company receiving applications for almost $40 million for what was initially intended to be a $10 million placement.

Institutions that participated in this placement included a fund, which is arguably one of the world’s largest investment managers.

Australian Mines is currently undertaking a Bankable Feasibility Study (BFS) on its Sconi Cobalt-Nickel-Scandium Project in Queensland, in order to make a final investment decision.

In support of the BFS, the company is continuing trial mining and is also constructing a demonstration-size processing plant.

The plant will be capable of producing commercial-grade samples of cobalt sulphate, nickel sulphate and scandium oxide.

These samples will be used to progress negotiations with potential off-take partners and financiers.

This placement ensures Australian Mines is fully-funded to complete the BFS, increase its trial mining activities, finalise construction the demonstration plant and produce commercial-grade samples.

At the Flemington Cobalt-Scandium-Nickel Project in New South Wales, Australian Mines intends to extend and increase the mineral endowment through a series of drilling campaigns.

The company is also planning to complete a Pre-Feasibility Study (PFS) on Flemington by mid-2018.

Australian Mines is receiving significant interest from investors due to increasing global demand for key battery metals including cobalt and nickel.

Quick facts: Australian Mines Ltd

Price: 0.009 AUD

Market: ASX
Market Cap: $32.63 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Australian Mines Ltd named herein, including the promotion by the Company of Australian Mines Ltd in any Content on the Site, the Company...



Australian Mines exploration manager updates on Sconi Project

Australian Mines Ltd (ASX:AUZ) exploration manager Stuart Peterson updates Proactive Investors on the Sconi Cobalt-Nickel-Scandium Project, which is located in North Queensland, Australia. A considerable resource upgrade at two deposits was recently announced, and the company does plan to...

on 18/2/19

2 min read