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Australian Mines upbeat about recent BFS at today’s AGM

The company's chairman Michael Ramsden addressed shareholders at this morning's meeting.

room of empty seats
The annual general meeting for shareholders was held at 10.30am in Perth today

Australian Mines Ltd (ASX:AUZ) held its annual general meeting (AGM) for shareholders this morning.

The company used the AGM as an opportunity to touch on the release of its bankable feasibility study (BFS) yesterday for its flagship Sconi Project in North Queensland.

READ: Australian Mines BFS values Sconi Cobalt-Nickel-Scandium Project at $697 million

AUZ’s chairman Michael Ramsden said: “The BFS results were very positive in my opinion and in-line with the board and executive team’s expectations.

“The economic modelling in the study demonstrated the commercial viability of constructing and operating three open pits and a 2 million tonne per annum process plant at Sconi, over an initial project life of 18 years.

“This proposed operation would generate average revenues from production of over half a billion dollars per year with an average annual EBITDA of around $300 million.

“The BFS indicated average cobalt sulphate production of eight and a half thousand tonnes per annum and average nickel sulphate production of fifty-three thousand tonnes per annum.

“Both of these numbers are within the acceptable range of our off-take agreement with Korean-based EV battery manufacturer SK Innovation, who have agreed to take 100% of the cobalt and nickel produced.”

Quick facts: Australian Mines Ltd

Price: 0.015 AUD

ASX:AUZ
Market: ASX
Market Cap: $51.67 m
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on 18/2/19

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