Funding issues may delay Browns Range investment decision
PERTH (miningweekly.com) – Rare earths developer Northern Minerals has warned shareholders that the final investment decision on its Browns Range project could be delayed, citing issues with its Chinese funding partner Huatai Mining.
Northern Minerals in August entered into a A$30-million equity funding agreement with Huatai, under which the company would issue 230-million shares, at an average price of 13c each.
However, the ASX-listed company said on Wednesday that Huatai had failed to complete the subscription agreement by the agreed extension date of January 31, and, to date, had only made payments totalling A$19.5-million, accounting for 152.2-million shares, or a 22.59% interest, in Northern Minerals.
Northern Minerals noted in its quarterly report for the three months to December that while important precommitment works for the development of the Browns Range pilot plant operation have continued, including mine planning, drilling, and water supply and engineering design, the Huatai funding delay could have the potential to push back the final investment decision to the end of the March quarter.
The 60 000 t/y pilot test plant will run for three years and will consist of an opencut mining operation. Ore will be processed through a beneficiation and hydrometallurgical pilot plant to produce 49 000 kg/y of dysprosium, and 590 000 kg/y of total rare earth oxides contained in a mixed rare earths carbonate.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
