Rafaella buys Spanish tin/tungsten project
PERTH (miningweekly.com) – ASX-listed junior Rafaella Resources has struck a deal with Spain’s aloriza Minería S.L.U to acquire the San Finx tin and tungsten mine.
Under the terms of the agreement, Rafaella will acquire the project through its subsidiary Biscay Minerals for €5-million, which will be payable out of production royalties only after 1 000 t of metal have been produced and sold.
“This low-cost acquisition further strengthens the company’s Iberian position following the recent agreement to buy two Portuguese tungsten projects, with a permitted mine that has recently been in production,” said Rafaella MD Steven Turner.
“The company will be looking at debt options to fund the modest capital requirements. The addition of the near-term production potential of the San Finx tin and tungsten mine, along with the Portuguese tungsten projects, significantly bolsters the company’s long-term goal of being a significant supplier of the critically listed metals of tungsten and tin, both of which have attracted significant price rises over the past 12 months on the back of supply concerns and diminishing global stockpiles.”
San Finx last operated in 2017, producing 35 t of high-grade tin concentrate and 32 t of wolframite concentrate. Valoriza has invested heavily in San Finx developing a new decline, electrifying the mine and building new auxiliary facilities. It also completed the study to support the application for a water discharge permit, which will allow the dewatering of the deeper levels. The mine is currently in care and maintenance.
Rafaella intends to continue with the environmental work undertaken by Valoriza, and a review of the current process flow sheet will be prioritised as will an investigating of ways to further minimise the environmental footprint.
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