https://www.miningweekly.com

Four Mile budget passes without Alliance approval

10th November 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Alliance Resources has failed to impede joint venture (JV) partner Quasar Resources from passing the 2015 programme and budget for the Four Mile uranium project, in South Australia.

A majority vote at the end of last week passed the 2015 programme and budget, entailing the production of 2.64-million pounds of uranium concentrates and a cash expenditure of $107.75-million, of which Alliance was expected to contribute $26.93-million.

Cash operating costs for the year have been estimated at $31.83/lb of uranium concentrate, while development costs have been estimated at $8.99/lb.

Alliance has expressed its concern over Quasar’s intent to stockpile the Four Mile uranium production from both the 2014 and 2015 work programmes, thereby generating no revenue during 2015.

The Four Mile project was officially opened in June, after commissioning started in March, and the project was forecast to have produced about 1.39-million pounds of uranium concentrate by the end of November.

Alliance was currently looking for a buyer for its 25% stake in the Four Mile project, with the company saying it preferred to focus its efforts on company-operated sites, including ventures in Chile, rather than at Four Mile, which did not meet the criteria of being a company-operated site.

Alliance has been embroiled in a number of legal battles with its development partner Quasar Resources, including an application to the Supreme Court of South Australia to joint venture management meetings, to enter into native title agreements, the registration of the native title agreements, as well as access to the books, records and agreements pertaining to the JV.

In 2010, Alliance also filed a court case against Quasar, claiming “misleading and deceptive conduct” on behalf of Quasar and seeking restitution for the 75% interest in the exploration licence for the Four Mile project.

Edited by Creamer Media Reporter

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:6.695 6.735s - 90pq - 2rq
Subscribe Now