Australian Mines banks $20m for Sconi

The Australian Mining Review - - NEWS - CAMERON DRUM­MOND

AUSTRALIAN mines has tapped in­vestors for $ 20 mil­lion in a heav­i­ly­over­sub­scribed cap­i­tal rais­ing for its Sconi cobalt- nickel- scan­dium play in North­ern QLD.

The funds will be used to con­tinue trial min­ing and un­der­take a bank­able fea­si­bil­ity study, due to be com­pleted in April 2018.

The bud­ding cobalt miner is also con­struct­ing a demon­stra­tion- size pro­cess­ing plant ca­pa­ble of pro­duc­ing com­mer­cial- grade sam­ples of cobalt sul­phate, nickel sul­phate and scan­dium ox­ide.

Th­ese sam­ples will be used to progress ne­go­ti­a­tions with po­ten­tial off- take part­ners and fi­nanciers, the com­pany stated.

In March, a Sconi pre- fea­si­bil­ity study ( PFS) re­ported a min­eral resource of 514,000 tonnes ( t) of nickel, 54,500t of cobalt and 1950t of scan­dium, mak­ing it one of the most prospec­tive projects of its kind in Aus­tralia.

At its NSW Flem­ing­ton pro­ject, which shares the same ore­body as CleanTeQ’s Sun­rise pro­ject, Australian Mines would ex­tend and in­crease the min­eral en­dow­ment through a se­ries of drilling cam­paigns, with a PFS to be com­pleted by mid- 2018.

Ex­plo­ration re­sults at its green­fields Thackaringa cobalt pro­ject in NSW are due in De­cem­ber.

Image:Sup­plied.

Australian Mines’ Sconi cobalt pro­ject.

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