Mineral Resources Limited (ASX: MIN) on behalf of the Reed Industrial Metals Pty Ltd which owns and operates the Mt Marion Lithium Project, announced that the sale price for 6% spodumene concentrate shipments for the upcoming March 2019 quarter will be $US 791.84 per dry metric tonne when compared with $US 930.80/dmt for the quarter ended 31 December 2018.
Reed Industrial Metals Pty Ltd is 43.1% owned by MIN, 43.1% by Ganfeng Lithium Co. and 13.8% by Neometals Ltd (ASX: NMT).
MIN is in Perth and into metals and mining. The company concentrates on the iron-ore and hard-rock lithium market in West Australia.
On 30 January 2019, MIN published its exploration and mining activities report for the Q2 FY19 (Oct-Dec 2018). In the quarter, MIN announced about the binding Asset Sale and Share Subscription agreement with Albermarle Corp. associated to the sale of a 50% stake in Wodgina Project, which is anticipated to conclude in the year 2019.
The Jiangxi Ganfeng Lithium Co. Ltd and Mineral Resources Limited have executed a sale agreement with Neometals Limited to jointly and equally acquire Neometals’ 13.8% share in the Mount Marion Lithium Project. After the agreement MIN’s equity interest will zoom to 50%.
It was announced that the acquisition of the Kumina Iron Ore Project had been completed.
Building of the Wodgina plant and the other non-process infrastructure took place during the quarter, and a 6 per cent concentrate upgrade on Mount Marion happened, which reflected the growth with the 2 projects. The twelve months rolling average of TRIFR lessened from 2.94 to 2.87.
On 22 January 2019, MIN referred to its earlier announcement of 27 July 2018, about the Farm-in and Joint Venture Agreement which took place among Brockman Mining Ltd and MIN on the Marillana iron ore Project.
To FJVA turn into unconditional, the parties were supposed to carry on a Mine to Ship Logistics Agreement for the vehicle of the Marillana iron ore product through a light-rail system from the mine site to Port Hedland. MIN has announced on 21 January 2019, the FJVA was now unconditional and the farm-in period has begun.
The Mine to Ship Logistics Agreement depended on various terms precedent comprising of MIN processing a State Agreement with the Western Australian Government, attaining all the leases and licences for the light rail system and port infrastructure in the inner harbour of Port Hedland. Once it turned unconditional, the Mine to Ship Logistics Agreement said that the Company would construct, commission and function the rail, rolling stock and port infrastructure needed to carry up to 30Mtpa of iron ore from the mining site to Port Hedland and load it on to ships for export, for the life of Marillana.
MIN closed the day’s session at A$16.450, up by 3.459 % or 0.550 points as compared to the previous day close of A$15.900. It has provided a YTD return of 6.28% till date to its investors.
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