Heron Resources Limited (ASX: HRR) issued a press release which covers the information regarding its Woodlawn Zinc-Copper Project. The management reflected favorable views citing the progress made in regard to the project. Pybar Mining Services has also started underground mining. The construction activities have been carried out which would help the company to start commissioning by year-end. Earlier in February 2018, the company signed a contract with Pybar which would last for four years.
Moreover, the EPC works are being advanced by the Sedgman as per the timeline. The activities which are presently undergoing have their complete focus on electrical wiring, piping as well as equipment installation. At the end of August 2018, the following was the status of the project:
- Earthworks (completed substantially)
- Offsite fabrication (92% complete)
- Concrete (completed substantially)
- Equipment purchase (98% complete)
- Overall Project (73% complete)
As per the press release issued by Heron Resources, the service, as well as supply contracts which are crucial for the project, are in line with the plans. The earthworks have reached near completion.
Market Outlook for the Commodities
The prices of the base metals have witnessed heightened volatility amid the rising tensions between the United States as well as China. Because of the same reason, the prices have also witnessed a downtrend. However, the prices are still higher than those which were assumed by the Feasibility Study done by Heron in 2016. The company views that the fall in the prices of Zinc might also lead to a fall in the new projects. The financing of these projects is expected to be a bit of an issue.
However, Heron Resources has an optimistic outlook considering the long-term horizon in regard to lead, copper as well as zinc which would help Heron’s Woodlawn mine.
The stock price of Heron has been witnessing downtrend. Over the past six months, the company’s stock price has declined by 11.43%. On September 25, 2018, Heron ended the day at A$0.615 implying an intraday fall of -0.806%. On the same day, the company had a market capitalization of $149.83 million.
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