PERTH (miningweekly.com) – ASX-listed Pure Alumina has announced plans to place is Yendon high purity alumina project, in Victoria, on the backburner, in order to focus on gold and copper assets.
The company on Tuesday told shareholders that while there was strong forecast demand for high purity alumina, the challenge of raising the capital required to finance a commercial high purity alumina operation had proven difficult in the current environment.
As a result, the Yendon project will be placed on hold until market conditions approve, with Pure Alumina also saying that the company "will consider alternative options for the future of the Yendon assets".
A previously completed prefeasibility study estimated that for a capital cost of A$271-million, Yendon could produce an average of 8 000 t/y of high purity alumina.
Pure Alumina told shareholders that given the current record high gold prices, the company’s focus would shift to its Hill End gold project, in New South Wales, while copper projects would also be considered should an opportunity arise.
The company will now work towards a Joint Ore Reserves Committee-compliant resource for its Hargraves deposit, using predominantly existing information, and would update historic economic studies on the asset.
The exploration potential of the Hargraves deposit and other prospective areas within the Hill End project will also be reviewed with the aim of expanding the gold deposit.