Speciality raises funds for Mt Carbine
PERTH (miningweekly.com) – ASX-listed Speciality Metals International has raised A$4.5-million through a share placement to further develop its existing retreatment plant at the Mt Carbine tungsten project, in Queensland.
The company will place 125-million fully paid ordinary shares at a price of 3.6c each under its existing placement capacity.
The funds raised will go towards the further development of the retreatment plant and to improve the necessary infrastructure to support the installation of an X-ray ore sorter.
Speciality was expecting the ore sorter to significantly impact its ability to process the material from the 12-million-tonne stockpile at Mt Carbine, improving overall cost competitiveness by reducing the amount of non-mineralised rock to be processed through the plant, and to increase the grade of the feed material being processed.
This would allow Speciality to become one of the most cost competitive tungsten producers in the world, the company said.
Additionally, funds will also go to advance development activities around the openpit and underground resource, in particular for studies related to two high-grade ore zones beneath the openpit.
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