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Highlights
- Arcadia Minerals has begun mine construction and purchase of plant, equipment and machinery for its Swanson Project.
- The construction and financing of the project all the way through to a steady state of production is being undertaken by Hebei, following the agreement with AM7 in May.
- Arcadia’s feasibility completed recently estimates the project will generate the company ~$4m in free cash flow per year once in operation.
- Hebei has begun by building the road between the Plant Site and the Swanson Mine Site, as well as ordered/received.
- AM7 has also clarified that it has not been affected because of the ban imposed by Government of Namibia on the export of crushed unprocessed ore of certain minerals considered “critical”.
Diversified exploration company Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) has shared an update on the progress in development work at its Swanson Tantalum/Lithium project. The work related to construction, purchase of plant equipment and machinery has begun for the project.
Arcadia had executed an agreement with Hebei Construction in May 2023, wherein the latter had agreed to build a plant as well as infrastructure and execute mine development and the commissioning of Multi Gravity Separation plant (MGS), in return for a 38% equity interest in the project.
Hebei has started the constriction work with building a road between the Plant Site and the Swanson Mine Site so as to facilitate the carriage and installation of plant and equipment that are being brought from Namibia, the Republic of China, and the United Kingdom.
Drill machine ordered; Image Source: AM7 update
Ball mill ordered; Image Source: AM7 update
Statement by AM7
The Government of Namibia has recently banned the export of crushed unprocessed ore of some “critical” minerals. Arcadia Minerals has stated that the ban has not impacted the prospects of its business as it doesn’t intend to export unprocessed crushed ore.
The MGS plant, which is being built, will generate a Tantalum concentrate, which involves the processing of raw ore. Moreover, tantalum is not listed as a “critical” mineral in Namibia.
Remarks by Jurie Wessels Chairman of Arcadia
