Malachite hunts for new partner in Lorena
PERTH (miningweekly.com) – ASX-listed Malachite Resources on Tuesday told shareholders that it had started discussions with a number of parties regarding the future of the Lorena gold project, while also investigating its own funding requirements and alternatives.
Malachite was hunting for a new joint venture (JV) partner for the Queensland project, after BCD Resources called in administrators earlier this year.
Under the original JV, BCD had not yet earned its 50% interest in the project, as it had not met its obligations to fund project development through to the completion of construction and the commissioning of a plant to produce a gold concentrate.
The two companies in January suspended their share trading, with BCD requesting that the JV agreement be restructured and that Malachite offer some, or all, of its 100% interest in the mining licence covering the Lorena project as security to assist in the raising of additional funding, which it might need to meet its earn-in obligations.
Malachite said that despite discussions with BCD regarding the potential restructure of the agreement, the two companies had been unable to reach an agreement on a way forward for the Lorena project, which would be in the best interest of Malachite and its shareholders.
Malachite has now terminated its agreement with BCD.
The Lorena project was expected to produce about 30 000 oz of gold in its first year of operation from an openpit mine, with the project offering potential to extend the resource at depth.
A flotation production facility at Lorena, which could process about 120 000 t/y of ore, was currently under construction. However, a number of key items were yet to be completed before commissioning could start.
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