Hazelwood takes ownership of Mt Mulgine
PERTH (miningweekly.com) – ASX-listed ferrotungsten producer Hazelwood Resources has taken full ownership of the Mt Mulgine tungsten project, in Western Australia, after purchasing a minority interest from fellow-listed Gindalbie Metals.
The 30% participating interest in the Mt Mulgine project was acquired for $500 000, and Hazelwood said that the acquisition was funded from operating cash flow from its ferrotungsten sales at the ATC ferrotungsten project, in Vietnam.
The Mt Mulgine project hosts an indicated and inferred resource of some 8.18-million tonnes, grading 0.21% tungsten.
Hazelwood said on Thursday that the project was compatible with the company’s speciality focus, with the project providing the potential for vertical integration with the downstream refining operations of the ATC ferrotungsten operation.
The company was currently in discussions with Minjar Gold, which owns the gold rights to the Mt Mulgine project, and operates the Minjar gold project and its 650 000 t/y mill and plant.
Minjar Gold has proposed to develop a number of openpit gold mines within the Mt Mulgine mining leases, and some of the proposed developments overlap with known areas of tungsten mineralisation.
The two companies were currently in discussions regarding the proposed development of the gold pits.
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