Platina in talks with possible partner for Owendale
PERTH (miningweekly.com) – ASX-listed Platina Resources continues discussions with a major international resource corporation over the possible development of the Owendale scandium project, in New South Wales.
The discussions have centred around a proposed share purchase that would result in the potential investor becoming a major shareholder in Platina; the investor potentially sole-funding the costs of a feasibility study at Owndale to earn a percentage of the project; the investor sole-funding project costs for development and production at Owendale; and the joint marketing of product.
A previous scoping study into the project considered a simple openpit mining operation producing about 50 000 t/y of ore for treatment and concentration on site, based on an indicated and inferred resource of 24-million tonnes.
Mining was expected to take place between two to three times a year in small campaigns from shallow openpit mines.
The study estimated that the project would require a capital investment of A$73.5-million, with life-of-mine all-in cash costs estimated at A$598/kg of scandium oxide.
Platina said on Thursday that the investor was expected to make a final investment decision in late October, with any investment being subject to the Australian Foreign Investment Review Board and other international governmental approvals.
Meanwhile, offtake negotiations were also contuing for the potential sale of a combined 20 t/y of 99.9% purity scandium oxide from the Owndale deposit.
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