The appointment of METS to complete an independent valuation is for the purposes of addressing one of the concerns raised by ASX in response to Winmar’s lodgement with ASX of an application for in-principle advice in connection with the company’s intended re-listing on ASX.
METS is an Australian based engineering consulting firm specialising in mineral processing with over 30 years of experience across a wide range of over 6,000 projects in different commodities and jurisdictions.
The company’s founder and principal consulting engineer, Damian Connelly, who has extensive experience in the copper, cobalt, lithium, vanadium, nickel, gold, lead, zinc, uranium and iron ore industries will undertake the independent valuation for and on behalf of METS.
Connelly will complete a site visit and inspection of the Luapula Processing Facility with Winmar’s technical management and consultants in early February 2019.
Winmar will publish the independent valuation report on the ASX platform when it is complete.
Under the terms of a heads of agreement executed in July 2018, Winmar has secured the rights to a 50% interest in the Luapula Processing Facility.
Subject to Winmar satisfying ASX in terms of its re-listing, Winmar Lufira Mining Company S.A. (WLMC), will hold the title to, operate and manage the Luapula Processing Facility.
WLMC is the recently incorporated legal entity that is owned 50% by Winmar and 50% by African Holding Investment Company Limited (AHIC)
AHIC is currently the 100% owner of the Luapula Processing Facility through its wholly owned subsidiary Societe Luapula SARL.
The Luapula Processing Facility is an established and permitted copper concentrate production facility, with a number of minor modifications and upgrades necessary to allow the production of high-grade cobalt and copper concentrates.
The appointment of METS to undertake an independent valuation of the Luapula Processing Facility follows the release of a request for quotation to a number of established mineral processing consultancy groups in 2018.