Mt Cattlin poised for a restart
PERTH (miningweekly.com) – The Mt Cattlin mine, in Western Australia, is expected to restart production by the end of the first quarter of 2016, after owner Galaxy Resources executed final definitive documentation with fellow-listed General Mining Corporation.
The agreement, which covered a partnership to restart and operate the Mt Cattlin spodumene/tantalum mine, would be implemented immediately following a General Mining shareholders meeting on September 9.
The partnership agreement was also subject to a A$25-million earn-in by General Mining for a 50% equity interest in Mt Cattlin and would see Galaxy receive at least A$6-million a year in the three years after the start of production, as well as a 50% share of the operating cash flows from Mt Cattlin.
Galaxy said on Monday that the partnership agreement would see the Mt Cattlin mine restart operations after two years on care and maintenance.
In preparation of the restart, General Mining had been conducting ongoing work at the mine, including testwork on upgraded lithium recovery and mica extraction and planning to extend the resource through additional drilling. Refurbishment work on the existing plant would start within the next month, with the construction of additional modules expected thereafter.
Beyond the immediate focus on lithium and tantalum production, General Mining was also exploring ways to further monetise the in-situ resource through the separation of mica, feldspar and silica products.
Meanwhile, General Mining said the company was in talks with a number of lithium and tantalum concentrate buyers and traders about offtake agreements from Mt Cattlin.
With a short lead-time into production, the company was seeking firm commitments to buy.
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