Aus Tin Mining Ltd Entered Into Non-Binding Heads Of Agreement With Lucas For The Sale Of Waste Rock At Granville

March 29, 2019 06:32 PM AEDT | By Team Kalkine Media
 Aus Tin Mining Ltd Entered Into Non-Binding Heads Of Agreement With Lucas For The Sale Of Waste Rock At Granville

On 29 March 2019, the directors of Aus Tin Mining Ltd (ASX: ANW), an Australia based exploration and tin production company shared an update regarding the Granville Tin Project.

The company have signed a non?binding Heads of Agreement with Lucas Total Contract Solutions (Lucas), where the company will be supplying Non?Acid Forming (NAF) waste rock from the Granville East Mine. These waste rock from the Granville East Mine will be used for the purpose of construction at the Granville Harbour Wind Farm (Wind Farm).

The development of Wind Farm worth $280 million consists of 31 turbines with a 112?megawatt capacity. It is expected that it will become operational in late 2019. The total distance between Wind Farm and Granville East Mine via Heemskirk Road is 5.5km. On receiving the regulatory approvals, this agreement will contemplate the sale of approximately 120,000 tonnes of NAF waste rock from the existing waste rock that is placed immediately east of the open?cut.

Through the proposed sale of NAF waste rock, the company will have two benefits. The first is that it will act as an additional revenue stream and the second is that it will reduce the provision for future site rehabilitation. Moreover, after the receipt of all the regulatory permitting conditions, the financial benefits linked with the agreement will be analyzed. Further, the financial benefits are expected to equate to four or five months of owner mining operating costs, with a proportionate reduction in the previously announced forecast cash costs that was estimated at $100,000 to $130,000 per month depending on the blasting requirements inclusive of all equipment rental, fuel as well as labour.

In the mid of March 2019, the company assumed the owner mining. It will be proceeding towards the opportunities for further operational and financial efficiencies and improvements.

At present, Aus Tin Mining Ltd has started the process of obtaining necessary approvals where it will be working with Lucas as well as the regulators to complete the process as early as possible keeping in mind the potential environmental benefits of the reduced ground disturbance at Granville East mine as well as the Wind Farm. In the meanwhile, at the processing plant, the processing of the ore as well as the production of tin concentrate will take place.

For the half-yearly period ended 31 December 2018, the company made a loss of $1,934,341. The balance sheet of the company reported a net asset base of $8,292,849. By the end of the period, the company had net cash and cash equivalent worth $54,503.

In the last six months, the stock has given a negative return of 39.13%. However, the stock has given a positive YTD performance where it has generated a return of 7.69%. By the end of the trading session on 29 March 2019, the shares of ANW traded flat on ASX. The closing price of the stock was A$0.014, which was similar to the previous trading day’s closing price. The company has a market capitalization of A$27.83 million and approximately 1.99 billion outstanding shares.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.