leadf
logo-loader
viewAdmiralty Resources Ltd

Admiralty Resources chairman Ross Harper steps down

admiralty_resources_chilean_project_locations_358_51917794d7c17.jpg

Admiralty Resources (ASX: ADY) chairman Professor Ross Harper has resigned with immediate effect after eight years in that role.

Since Harper joined the company in April 2005, Admiralty has gained full ownership of its iron ore districts after settling a difficult legal dispute with the initial joint venture partner.

These iron ore projects have become the flagship of the company and the source where positive cashflow and shareholder value can be created.

Admiralty has recently completed Pre-Feasibility Study (PFS) for its Mariposa magnetite iron ore project in Chile, confirming that it is economically viable, technically feasible and environmentally sound.

Key takeaways include a 49.1% post-tax internal rate of return, a 2.25 year payback on a $65.5 million capital investment.

This is based on a Resource of 66.6 million tonnes at 35.6% iron using a cut-off of 25% iron that provides for a 12 year Life of Mine and operational cost for final product CFR China ports of $89.10 per tonne.

Mariposa also has a post-tax Net Present Value (NPV) of $211 million at a 8% discount rate at World Bank forecasted long-term iron prices with an average of $141/tonne1 of the final product at 62% iron.

Admiralty had $1.5 million in cash as of 31 March 2013.

 

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: Admiralty Resources Ltd

Price: 0.015 AUD

ASX:ADY
Market: ASX
Market Cap: $17.39 m
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Open Orphan signs UK government contract to development COVID-19 Human...

Open Orphan's (LON:ORPH) Chairman Cathal Friel talks to Proactive London after announcing a contract with the UK Government for the development of a COVID-19 human challenge study model. Friel explains that the company, hVIVO, is the world's leader in this sector, having safely run more human...

11 hours, 46 minutes ago

2 min read