Classic finds ore solution in WA
PERTH (miningweekly.com) – ASX-listed Classic Minerals has inked a non-binding memorandum of understanding (MoU) for the treatment of ore from its Forrestania gold project, in Western Australia.
The MoU, signed with Tianye SXO Gold Mining, allows for monthly parcels of between 20 000 t and 30 000 t for a 36-month period, with the assumption that the parties would agree to either a profit sharing or ore sales arrangement for gold-bearing ore produced from the Forrestania project.
Tianye is the owner of the Southern Cross operation, which includes the recently refurbished Marvel Loch processing plant.
Under the MoU, Classic will be responsible for drilling deposits to a Joint Ore Reserves Committee-compliant level, carrying out the initial metallurgical work, securing the necessary approvals and completing the economic analysis of the deposit of interest.
Once this work has been completed, the deposit will be submitted to Tianye SXO for review and the opportunity to carry out its own economic analysis, after which Tianye SXO will be entitled to make an offer to process the ore under either a profit share or ore purchase scenario.
“Although the company’s primary focus remains growing the resource and mining inventory via systematic exploration, this MoU is a much-welcomed development,” said Classic CEO Dean Goodwin.
“The close proximity of the Marvel Loch plant means that the deposits are no longer stranded assets, and we can start looking at near-term mining opportunities to bolster the cash flow of the company.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As one of South Africa's leading manufacturers, Bell Equipment distributes and exports its wide range of heavy equipment globally to mining,...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
