Deal on four lime­stone min­ing leases

Townsville Bulletin - - NEWS -

EX­PLORER Me­tal­lica Min­er­als is selling four min­ing leases cov­er­ing the Ootann lime­stone ten­e­ments and as­so­ci­ated quar­ry­ing equip­ment to a pri­vate lime­stone and lime group for $ 500,000.

The Ootann min­ing leases are 180km south­west of Cairns and are held by Me­tal­lica’s 100 per cent owned sub­sidiary, Phoenix Lime Pty Ltd.

Me­tal­lica

man­ag­ing

di­rec­tor An­drew Gillies ( pic­tured) said a $ 25,000 non- re­fund­able de­posit had been re­ceived and that pay­ment of the re­main­ing $ 475,000 would oc­cur once in­dica­tive ap­proval for the trans­fer of the min­ing ti­tles was re­ceived.

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

Mr Gillies said the Ootann lime­stone op­er­a­tion was ac­quired by Me­tal­lica eight years ago, pri­mar­ily to sup­ply lime to Me­tal­lica’s pro­posed scan­dium and nickel Green­vale re­gion.

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

Mr Gillies said Me­tal­lica had also re­ceived in­dica­tive and non- bind­ing ex­pres­sions of in­ter­est on sev­eral of its other lime­stone projects near Townsville and Gladstone.

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