The Australian Mining Review

Australian Mines banks $20m for Sconi


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.
Image:Supplied. Australian Mines’ Sconi cobalt project.

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