https://www.miningweekly.com

King Island Scheelite raising funds

16th March 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed King Island Scheelite will raise A$5.6-million in a share placement to pay off term debt.

The company on Tuesday reported that it would place 28-million shares, at a price of 20c each, under its existing placement capacity, with the placement supported by cornerstone investor DACHS Capital, which subscribed for 20-million shares.

The funds would go towards paying off a A$4.7-million term debt and accrued interest, which the company had previously incurred in acquiring fixed property adjacent to its Dolphin mine site, and working capital to advance the Dolphin tungsten project, in Tasmania.

An updated feasibility study has estimated a startup capital cost of A$72.1-million to develop the Dolphin project, with life-of-mine capital estimated at A$129.2-million, placing capital cost for the operation at A$40/t of tungsten produced. The project is expected to produce at a rate of 20 t/y of tungsten over an eight-year mine life.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.055 0.869s - 111pq - 2rq
Subscribe Now