logo-loader
Winmar Resources Ltd

Winmar Resources begins independent valuation of the Luapula Processing Facility

Luapula Processing Facility is an established and permitted copper concentrate production facility.

DRC flag
Winmar has secured the rights to a 50% interest in the Luapula facility

Winmar Resources Ltd (ASX:WFE) has appointed METS Engineering Group to complete an independent valuation of the Luapula Processing Facility in the Democratic Republic of the Congo (DRC).

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.

READ: Winmar Resources receives operating permits and licences for cobalt joint venture

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.

Background

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.

READ: Winmar Resources to house cobalt facility licence in African JV

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.

Quick facts: Winmar Resources Ltd

Price: $0.02

Market: ASX
Market Cap: $58.15 m
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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 Winmar Resources Ltd named herein, including the promotion by the Company of Winmar Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Winmar confirms dual listing and move from cobalt exploration to production

Winmar Resources Ltd (ASX:WFE) Chairman Jason Brewer tells Proactive London how the company is changing status and confirms its dual listing. Updates here too for investors on the company's cobalt operations in the Democratic Republic of Congo (the DRC) as well as why Winmar returned to the...

on 2/3/19

2 min read