Proactive Investors - Run By Investors For Investors

Metallica Minerals bags $500,000 from sale of non-core assets

Metallica Minerals bags $500,000 from sale of non-core assets

Metallica Minerals (ASX:MLM) has executed a sales agreement to sell four mining leases in Queensland to a private limestone and lime group for $500,000.

The sale covers the Ootann limestone tenements and associated quarrying equipment located about 180 kilometres southwest of Cairns.

A $25,000 non-refundable deposit has been received and completion of the Sales Agreement and payment of the remaining $475,000 will occur once indicative approval for the transfer of the mining titles is received.

The purchaser will also replace the environmental bond of approximately $27,000.

Metallica acquired the Ootann limestone operation about 8 years ago primarily to supply lime to the proposed SCONI project.

As this project is on hold pending a joint venture or other funding source, the Ootann limestone operation is considered a non-core asset.

The company has also received indicative and non-binding expressions of interest on several of its other limestone projects near Townsville and Gladstone which are also considered non-core mineral assets.

Last month, Metallica and its joint venture partner Ozore Resources lodged the Mining Lease Application for the Urquhart Bauxite Project in Queensland.

A major portion of the 7.5 million tonne Inferred Resource averaging 51% total aluminium oxide (Al2O3) and 16.3% total silicon oxide (SiO2) is suitable for direct shipping ore export.

This allows development of a bauxite mine-trucking-barging and transhipment operation with lower capital and lower operating costs.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

View full MLM profile View Profile

Metallica Minerals Ltd Timeline

Newswire
August 14 2014

Related Articles

Pacific American Coal's Elko coking coal project in Canada
January 10 2019
The company drilled the project in 2018 and is waiting on laboratory assays.
Cerro Dorado project
May 01 2019
Fidelity Minerals is a Peru-focused junior resources company and an early mover that is well-positioned to become a key player in the region
queensland
May 09 2019
Gold explorer's next move is to carry out geophysical surveys at its main prospect

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use