PERTH (miningweekly.com) – Investment adviser Appian Capital Advisory has announced a A$144-million investment into the Fingerboards mineral sands project, in Victoria.
Unlisted Kalbar Operations is hoping to extract some 170-million tonnes of ore, containing 8-million tonnes of heavy mineral concentrate over a mine life of 15 to 20 years, with a capital investment of some A$200-million required to fund the project.
The project has the potential to be one of the world’s largest producers of zircon, ilmenite, rutile and rare earths and will create up to 200 direct jobs.
Fingerboards will use conventional dry mining, a wet concentrator plant prior to on-site concentrate production, and rail transportation of concentrate to the port.
Appian’s A$144-million commitment would take the mineral sands project to a final investment decision and, if approved, into construction and commissioning.
“The commitment by Appian and their track record of investment in sustainable mining projects around the world demonstrates the significance and value of our project to East Gippsland,” said Kalbar CEO Jozsef Patarica.
"In the current environment, following drought, bushfires and Covid-19, Appian’s commitment to our project and the community is very welcome as it will provide jobs and economic development in East Gippsland.”