Metallica Minerals Ltd

Metallica Minerals receives further funding from China for Queensland project


Metallica Minerals (ASX:MLM) has revealed that a further A$900,000 has been received into the Joint Venture bank account under the Cape York Heavy Mineral Sands (HMS) and Bauxite Joint Venture Agreement.

The Chinese investor is using a wholly-owned Australian subsidiary named Ozore Resources Pty. Ltd, and after today's payment now has a 27.33% joint venture interest.

In total, a private Chinese partner is funding A$7.5 million into the joint venture, which covers all Metallica’s Heavy Mineral Sands (HMS) and Bauxite holdings on Queensland’s Cape York.

Increasing bauxite demand and prices are expected to intensify due to the simultaneous major reduction in bauxite supply from Indonesia and India, and increased demand for alumina to supply rising aluminium production and consumption in China, India and Middle East.

Typically HMS & Bauxite deposits/projects are located close to each other and therefore potentially sharing and integrating exploration, feasibility, development, infrastructure and future costs.

The Urquhart Point project is proximate to large bauxite deposits (Rio Tinto & QLD Govt).

There may be an opportunity for Metallica to use the Urquhart Point infrastructure, established local relationships and existing Mining Leases to facilitate a bauxite mining, barging and shipping operation from Urquhart Point.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Metallica Minerals Ltd

Price: $0.02

Market: ASX
Market Cap: $4.86 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Zena Pay looks to help cannabis industry navigate the...

Fig House communication’s Dave Carter joined Steve Darling from Proactive Vancouver to discuss Zena Pay. They provide software solutions that specialize in payment, plant tracking, cannabis business management software, supply chain management, compliance management and government auditing...

22 hours, 32 minutes ago

2 min read