Rum Jungle charms Chinese investor
PERTH (miningweekly.com) – Shareholders of ASX-listed Rum Jungle have smiled on a memorandum of understanding (MoU) signed with Chinese major China International Chemical Consulting Corporation (CICCC) to advance the Karinga potash project, with share prices jumping nearly 18%.
MD David Muller said on Tuesday that the possible association with CICCC and its network would not only provide best practice expertise to the Karinga project, in the Northern Territory, but would also bring Rum Jungle to the Chinese radar as a potential supplier of potassium salts.
Under the MoU, CICCC would, by the end of November, tender a proposal for the requirements, costing and timing of a prefeasibility study (PFS) on the Karinga potash project.
The Chinese major, which is a branch of China Petroleum and Chemical Industry Federation, would also arrange visits to China for Rum staff, and for access to large lake brine potash salts projects in China.
Further, CICCC would arrange meetings in Beijing for Rum technical staff to meet with other experts and to visit the Karinka Lakes in the first quarter of next year, to assess the viability of the project and to collect samples as part of the PFS.
The Karinga project currently has an inferred resource of 5.5-million tonnes of sulfate potash, at an average aquifer thickness of 15 m, and an average depth to the water table of 1 m. This equated to a maximum schoenite resource of 13-million tonnes.
To date, Rum has worked on pump testing trenches, sonic core drilling and evaporation trials, which the company said were all performing well on schedule.
It was anticipated that sufficient data should be available by the end of February to press ahead with a PFS in the second quarter of next year.
Rum Jungle’s shares were trading at a high of 17.5c a share on Wednesday.
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