Aus Tin buys new project
PERTH (miningweekly.com) – ASX-listed junior Aus Tin Mining has signed a nonbinding heads of agreement to acquire privately held McDermott Mining to gain ownership of the Granville tin project, in Tasmania.
Under the terms of the agreement, Aus Tin Mining would pay A$1.3-million for the unlisted McDermott Mining, subject to the completion of a due diligence and the receipt of all necessary approvals.
The project comprised two mining leases and the 1 000 t/y Twelve Mile processing plant. The project was placed on care and maintenance during the first half of 2015, as the owners of the project sought to secure the necessary capital to progress the expansion of the project to 50 000 t/y.
Aus Tin Mining on Thursday said that, following the completion of the transaction, the company would restart production at Granville as soon as practical.
The necessary approvals would be sought to process some 15 000 t of stockpiles at the Granville East openpit mine, while the Twelve Mile processing plant and the openpit operation would be expanded to a rate of 50 000 t/y.
Free cash flows would be used to develop the resource target estimate at Granville East and to fund the expansion of the Twelve Mile processing plant.
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