BUSINESS Ore exports to put Greenvale on map
THE first nickel and cobalt sulphates produced from ores at Greenvale are being shipped to Korea this week for use in the emerging electric vehicle battery market.
Development company Australian Mines announced the shipment of 44kg of the material yesterday in what is hoped will support a new nick- el, cobalt and scandium industry for the old mining town about 150km northwest of Townsville.
The company is planning a $ 500 million plant and mining operation alongside an existing pit which once supplied the Yabulu nickel refinery at Townsville.
It closed when reserves were depleted more than 20 years ago.
Australian Mines wants to draw on new deposits in and around Greenvale to feed a 72,000 tonnes per annum nickel and cobalt sulphate plant, as well as a scandium operation.
Managing director Benjamin Bell said the shipment, produced from a demonstration plant in Perth and to be delivered to Korea’s SK Innovation, was the largest sample of its type exported from Australia.
“This is a very important step in the optimisation process for our Bankable Feasibility Study on the Sconi Project and will also assist in the further advancement of project financing negotiations for the construction of the full- size processing plant Queensland,” Mr Bell said.
The company was to finalise that study in June but has delayed its release after reviews found ores could extend across plant and haul road sites.
Australian Mines now says it will release a final board- approved version of the study to the market in September.
Mr Bell said they were committed to delivering the maximum value to shareholders.
“Given this operation has the potential to run for several decades once commissioned it in is imperative that we invest time at this critical planning stage to ensure the site is set up to maximise and sustain future production,” he said.
A 50,000- metre drilling program started last month to confirm high- grade zones in existing deposits as well as explore areas beyond the existing resource footprint.
An existing mineral resources of 17 million tonnes @ 0.8 per cent nickel, 0.07 per cent cobalt measured and 48 million tonnes @ 0.58 per cent nickel, 0.07 per cent cobalt indicated has been identified. VILLAGE Roadshow has sold ld it its W Wet’n’Wild water park in western Sydney to Spanish leisure park operator Parques Reunidos for an up- front purchase price of $ 40 million.
The company has not given a reason for the sale, which will cause it a pre- tax loss of approximately $ 25 million in 2017- 18, but Village says proceeds will be used to cut debt.
Australian theme parks have suffered lower patronage numbers since a fatal accident claimed four lives at Village Roadshow rival Ardent Leisure’s Dreamworld theme park on the Gold Coast in October, 2016.
Ardent has overhauled Dreamworld’s management team, with chief executive Craig Davidson, who was in charge at the time of the Thunder River Rapids ride disaster, announcing he will leave the company next month. Mr Davidson’s role will be filled by Ardent chief experience officer Nicole Noye until a permanent replacement is found.
Parques Reunidos’ acquisition of Wet’n’Wild Sydney ( pictured) is the group’s first foray into Australia, adding to a stable of 60 theme parks, water parks and zoos across Europe, the US, Argentina, Dubai and Vietnam.
Village Roadshow – which owns theme parks including Warner Bros. Movie World and Sea World on the Gold Coast – has issued two profit warnings this year.