- Commercial production now declared at the Hellyer mine
- £3.2mln in cash flow generated in the fourth quarter of 2018
- Lead by experienced mining and mining finance industry professionals
- Exploration on Queensland gold projects continues
What NQ Minerals does
NQ Minerals PLC (NEX:NQMI)(OTCQB:NQMLF) is a project developer and mining company with a focus on Australian mining assets. The company is led by a team of experienced mining and mining finance industry professionals, including chief executive Walter Doyle, an experienced venture capitalist who was responsible for the resurrection of Sirius Minerals PLC (LON:SXX). He has over 30 years’ experience of resources worldwide and in Australia.
What NQ Minerals owns
The principal asset is the Hellyer mine in Tasmania. This was commissioned at the turn of 2018/2019, when it delivered a maiden cash flow of £3.2mln from the production of three types of concentrate, lead, zinc and precious metals.
Based on recent metals prices, the in-situ value of the metal at Hellyer is approximately £2.1bn.
NQ also owns the Ukalunda project in north Queensland, on which it has identified 33 prospects for follow-up work, including the Sunbeam mine, for which it has secured a mining permit.
At SquarePost, also in north Queensland, NQ has identified both breccia and vein-hosted mineralisation.
As cash flow begins to build up from production at Hellyer, commercial production has now been declared, and NQ can look forward to profitability in the coming quarters.
NQ has also stated that it intends to seek admission onto the London stock exchange, and that work is well underway to make this happen.
Meanwhile, exploration work will continue at SquarePost and Ukalunda.
Chairman Brian Stockbridge looking forward to a bumper year
“With commissioning substantially complete, NQ is now a producer,” said NQ chairman Brian Stockbridge.
“Having completed the acquisition and refurbishment of Hellyer over the prior two years, the culmination of management’s efforts will make 2019 a transformational year for the company. With the change in status to a producer, we believe there is substantial potential to unlock shareholder value.”