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On December 12, 2018, Axiom Mining Limited (ASX:AVQ) has announced that mine construction has rapidly advanced over the past month and there is an accomplishment of the grade control program over the initial mining areas which are planned to provide ore for its first shipment.
Axiom Mining Limited (ASX:AVQ) is in a mining and exploration business which focusses on utilizing the significant resource potential. The company was incorporated in 1992 and listed in 2006.
Approx. 150 drill holes have been drilled and their sample sent to Australian Laboratories for the analysis, with assays due shortly. The assay results will upgrade the detailed pit design, mine planning and stockpiling which will all commence later this month.
The company has appointed Mr. Michael Strachan as General Manager for the Isabel Nickel Project. He has organized the successful delivery of mine site planning, production, production maintenance services and strategy which also includes developing and commissioning of nickel laterite mines. Mr. Strachan has 40 years of experience in managing projects in Australia, PNG, Indonesia, Myanmar, Philippines, and Thailand.
In this month and in early January 2019, the remaining components of the initial mining fleet are due to arrive at San Jorge. Due to this company will have enough heavy machinery for mining and loading the planned shipments for the first half of the calendar year 2019. The first shipment is on track for Quarter 1, 2019. Whenever the production rate ramps up, which is anticipated in mid-2019, then further mining fleet will be scheduled to be delivered to San Jorge for supporting full production activities.
The company is upgrading the first pit to port haul road which will continue schedule and this ensures operational status to support initial shipments due next quarter. The Haul road development will continue to other areas so that it can help the mining activities in the second half of 2019 and after that too. The company is testing the entire profile to reveal mineralization for the life of mine grade control drilling and revealing those areas of mineralization which are not defined by previous operators.
Axiom has received various offers from several parties who are interested in purchasing ore from the San Jorge nickel mine. Meetings, due diligence, and negotiations are ongoing with the selected parties. The company has also received favorable terms which include the provision of development finance for construction and working capital for mine operations.
In the coming weeks, the company will be able to reveal the details of its preferred and potentially contracted nickel ore customers, along with details of the financing arrangements.
In the six months, the price of the company has shown a negative return of 38.7 percent as on 21 November 2018 and 2.22 percent up over the past one month. Axiom Mining Limited shares are trading at $0.091 with a market capitalization of $42.9 million as on 12 December 2018. The company has reported a net loss of $4.1 million for the half-year ended 31 March 2018, net cash outflows from operations of $3.9 million. The company had net assets of $1.87 million.
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