Construction starts at Four Mile project
PERTH (miningweekly.com) – Construction has begun on the Four Mile uranium project, in South Australia, despite project partner Alliance Resources' opposition to the move.
In October last year, Quasar Resources, which holds a 75% interest in the project, announced its plans to restart development of the Four Mile project, with the aim of producing 2.12-million pounds of uranium oxide (U3O8) by spending A$97.8-million.
Alliance’s share of the spend would total A$24.45-million.
Quasar has suggested a staged start-up to the Four Mile operation, allowing production rates to be considered before full-scale production facilities were constructed. However, Alliance was of the opinion that the construction of an “appropriately sized” standalone plant would deliver better outcomes for shareholders.
Alliance told shareholders on Tuesday that it had been informed by Quasar that construction of the Four Mile project had now started, with the project expected to remain within budget.
Quasar was expected to provide Alliance with an updated schedule of the activities at Four Mile, including a new projection for first production. First production from the Four Mile East deposit had initially been scheduled for the second quarter of 2013, and from the Four Mile West deposit for the fourth quarter of 2013, but these were moved out owing to delays in securing government approvals.
The state government and the Environmental Protection Authority approved the development in September this year.
The Four Mile project currently has a resource of about 9.8-million tonnes, grading 0.44% U3O8 for 32 000 t, or 71-million pounds of U3O8.
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