Andromeda Metals Updates On Chinese Representatives’ Visit to Poochera

  • May 28, 2019 AEST
  • Team Kalkine
Andromeda Metals Updates On Chinese Representatives’ Visit to Poochera

Today, on 28th May 2019, Andromeda Metals Limited (ASX: ADN) announced that Chinese Kaolin Processor representatives visited Poochera site. Senior representatives visited both Carey’s Well site at Poochera and port facility at Lucky Bay owned by T-Ports Pty Ltd, which is nearing completion and under consideration for shipment of kaolin product by ADN. The objective behind this visit was to observe the potential mining location and understand the transportation operations in the area.

The Chinese company conducted a dry-processing trial of Carey's Well ore through their processing plant in China, and wet-processing trials are in progress. To further illustrate the opportunity to meet increasing demand by Chinese customers to source quality kaolin supplies from overseas, effective from June 1, 2019, the Chinese government will be applying a tariff of up to 28% on all imported Kaolin from the United States, which is currently a significant supplier into China.

Looking at the USA Dry-Processing Trials, dry-processing trials in the presence of Andromeda executive management, were conducted during the previous week on a 500kg sample of raw ore from Carey’s Well by an American world leader in the supply of kaolin plants to determine optimal plant componentry and operational parameters. This processing samples will be freighted back to Australia for analysis before a final optimisation run is undertaken later in the month. All data collected from these trials will be compared with large scale trials already conducted in Australia and China. Additional dry-processing trials will be conducted with another Chinese company during June to obtain further data for process plant design optimisations.

On to the Poochera Project. The Poochera Halloysite-Kaolin Project covers two main geographic areas of interest, both situated in the western province of South Australia. The current main area of focus for the project is on the Eyre Peninsula, which comprises three tenements and is located approximately 635 kms west by road from Adelaide and 130 kms east from Ceduna.

Extensive test work has been concluded on Carey’s Well deposit, including pilot test trials and marketing, bulk sampling, resource drilling. The Company is working towards a Mining Lease application as part of feasibility evaluations. Under the terms of the Poochera Halloysite-Kaolin Project Joint Venture, Andromeda can acquire up to 75% of the project by either sole funding $6.0 million over five years or alternatively a decision to mine is made by the joint venture partners, with an initial 51% interest earned by the company through the expenditure of $3.0 million on advancing the project within the first two years.

On the stock information front, at the time of writing (on May 28, 2019, AEST 02:00 PM), the stock of Andromeda Metals was trading at $0.011, with a market capitalisation of ~$14.91 Mn. Today, it reached day’s high at $0.012 and day’s low at $0.010, with a daily volume of 34,939,751. Its 52 weeks high price stands at $0.015 and 52 weeks low price at $0.005, with an average volume of 9,809,868 (yearly). Its absolute returns for the past five years, one year and three months are -61.58%, 57.14%, and 83.33%, respectively.


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