Sign up Australia
Proactive Investors - Run By Investors For Investors

Metallica Minerals eyes bauxite project development following grant of mining lease

The Urquhart Bauxite Project is fully funded with a mining and haulage contractor appointed.
map of Queensland
Awaiting a separate approval for construction of the haul road

Metallica Minerals Limited (ASX:MLM) has achieved another significant milestone as it moves the Urquhart Bauxite Project in Far North Queensland into production.

The company has been granted a Mining Lease by the Queensland Department of Natural Resources and Mines.

Metallica has indicated that the department has imposed conditions on the development of Urquhart that are in line with its plans and expectations.

Included among the conditions is the requirement that operations are only conducted during the dry season (April through December inclusive).

The Urquhart Bauxite Project is fully funded, with a mining and haulage contractor appointed and ready to mobilise to site.

Metallica is now awaiting a separate approval for construction of the haul road linking the project to established port infrastructure at Hey Point, which will allow mining to commence.

Once all approvals have been received, the four-to-six week development period will commence immediately.

Well funded to advance the Urquhart Bauxite Project to production

Metallica recently received $4.5 million as the first tranche payment following the sale of its Sconi Project to Australian Mines Limited (ASX:AUZ).

Importantly, the company had cash on hand of more than $8 million as at 8 December 2017 to fund the Urquhart Bauxite Project to production.

Following the commencement of commercial production from Sconi, a further $5 million in cash or issuance of Australian Mines shares will become due.

Metallica’s shares are trading circa 7% higher intra-day, at $0.061.

View full MLM profile View Profile

Metallica Minerals Ltd Timeline

September 04 2017

Related Articles

Eritrean flag
September 20 2018
The company has already signed a binding offtake agreement with EuroChem for up to 100% (minimum 87%) of module I sulphate of potash (SOP) production.
Checking a Redmoor core sample
May 11 2018
The Redmoor project's inferred resource has 45,000 tonnes of contained tin equivalent.
August 07 2018
Production at Hellyer is expected to begin in the fourth quarter

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use