Metallica Minerals (ASX: MLM) is currently preparing an announcement regarding the execution of a binding Heads of Agreement for scandium offtake, with the ASX granting the company a trading halt today and placing its shares in pre-open.
Metallica wholly owns the SCONI nickel-cobalt and scandium project in Queensland, which is well positioned near required infrastructure. Total project resources contain 5,741t Sc2O3, 467kt Ni & 50kt Co.
It is worth noting that Metallica’s cash and listed share investments currently total around A$28.7 million compared to the company’s current market capitalisation of A$33 million.
The company also has advanced zircon-rutile Heavy Mineral Sand projects – Urquhart Point in Cape York and Gippsland (Option to Purchase 100%) in Victoria.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 2nd October 2012.
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