NQ Minerals looks to ASX as projects develop
Last updated: 16:06 19 Jul 2021 BST, First published: 12:00 23 Dec 2020 GMT
Snapshot
- Production from NQ’s Hellyer mine continues to generate significant revenue and income
- NQ Minerals to kick off exploration at 'one of Australia's richest lead-zinc mines in history'
About the company
NQ Minerals PLC is an Australian mining company focused on the environmental rehabilitation of former precious metal mining operations and the extraction of minerals required in clean energy delivery as well as gold.
How it is doing
The Hellyer mine in Tasmania, 100%-owned by NQ Minerals PLC (LON:NQMI)(AQSE:NQMI), generated revenue of A$19.8mln from production of base and precious metals during the second quarter to June 2021.
Operating profits rang in at A$11mln and net income was A$5.7mln.
These results exclude costs at the PLC level, as cash generated by Hellyer is currently held at the Hellyer subsidiary level as agreed under financing agreements with bankers.
During the quarter Hellyer produced 8,774 dry metric tonnes of lead concentrate, 4,410 dry metric tonnes of zinc concentrate, 1,096 ounces of gold and 242,798 ounces of silver.
NQ Minerals PLC (AQSE:NQMI)(OTCQB: NQMLF) is to restructure its balance sheet and is in advanced refinancing negotiations with major financial institutions.
In December 2020, the company restructured a debt related to the Hellyer mine in Australia with a US$55mln package.
NQ Minerals PLC (LON:NQMI, FSE:44D) said mining and trucking operations at its Beaconsfield gold mine in Tasmania, Australia, are progressing well.
The company, which is planning to extract more than 100,000 tonnes of 3 grammes a tonne contaminated soil from the Beaconsfield wetlands as part of the environmental rehabilitation of the land, said 22,290 tonnes of material had so far been trucked to stockpiles in the processing plant area.
What management says
NQ Minerals' (LON:NQMI) chairman David Lenigas speaks to Proactive London about plans to start exploration work at the Hellyer mine in Tasmania. After a 10-year hiatus he says the company can re-start exploration with the benefit of more advanced geophysical techniques.
NQ is currently producing lead and zinc concentrates (with significant gold and silver credits) by reclaiming the Hellyer mine tailings generated from the former mining operations and processing them through the Hellyer concentrator plant at the rate of over 1.2 million tonnes per annum.
Proactive Research
NQ Minerals is a London listed (NEX exchange) minerals exploration and development company. The company holds advanced exploration projects in North Queensland in Australia; but the key focus for investors should be their recent acquisition of the Hellyer Tailings project in Tasmania, Australia, which has the potential to see the company be strongly cash generative in 2018.