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Australian Mines’ subsidiary Norwest Minerals completes ASX listing

Norwest intends to aggressively explore its portfolio of 19 granted tenements in WA.

Official quotation of Norwest’s ordinary fully paid shares will begin today

Australian Mines Limited (ASX:AUZ) has completed the spin-off and listing of subsidiary Norwest Minerals Ltd (ASX:NWM).

The initial public offering (IPO) comprised 33 million shares at 20 cents each to raise $6.6 million.

Norwest holds Australian Mines’ non-core gold and base metals exploration assets in Western Australia.

Australian Mines is focused on its flagship Sconi Cobalt-Nickel-Scandium Project in Queensland.

The company anticipates Sconi will become a fully-integrated chemical processing operation capable of delivering battery-grade cobalt and nickel sulphate to its Korean-based offtake partner SK Innovation.

Norwest's exploration projects in WA

A definitive feasibility study at Sconi was completed last week, which estimates life-of-mine revenues of about $512 million a year.

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

Three open pits would be constructed and a processing plant with annual ore processing capacity of 2 million tonnes.

The project’s net present value is $697 million at an 8% discount rate.

Its after-tax internal rate of return is 15%, with a 5.2-year payback period on a US$974 million total capital expenditure (capex).

Sconi mine’s construction capex is USS$31 million, with US$110 million of contingencies.

Its processing plant capex is US$730 million, with US$103 million of non-process capital costs.

Quick facts: Australian Mines Ltd

Price: 0.031 AUD

Market: ASX
Market Cap: $122.81 m

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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