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Northern Mineralsâ first heavy rare earth carbonate shipment is out from Browns Range project. Northern Minerals told the shipment has left the Brown Rangeâs site and is set to reach the coastline of China. The news sent the NTU shares to mount up by 8% in early trade to stand at $0.054 on 27 December 2018 (12:35 PM AEST).
In an announcement to Australian Securities Exchange, heavy rare earth producer Northern Minerals Limited (ASX:NTU) announced the first shipment of RE carbonate from its Brown Range Pilot Plant Project located in the East Kimberley region of Western Australia. The report read that the shipment contains 2,578kg of heavy rare earth carbonate and has left the site for customers in China.
Managing Director and CEO of Northern Minerals, George Bauk stated that âthis first shipment of high-quality rare earth carbonate from Browns Range demonstrates that Northern Mineralsâ has got the circuit right for the production from xenotime ore.â
Northern Minerals told that the product has been loaded on the ship and is expected to sail in the coming few days. The production outlines the first constituents of rare earth carbonate produced from the commissioning phase. It comes after the company has successfully tested and operated all the several components of the circuit to produce heavy rare earth minerals from xenotime ore. However, the company informed about certain adjustments it has made to the circuit to meet the product specifications.
Mr. Bauk stated It is just the beginning of the companyâs journey. As commissioning progresses towards steady state levels, Northern Minerals continue to attract international interest in the project and product.
The company expects its shipments to get larger as commissioning is completed and the plant moves to steady state production while stepping into 2019. Moreover, the EPC construction work at Browns Range R&D Pilot Plant was undertaken by engineering Group Sinosteel MCC.
For the year ended 30 June 2018, the company reported top-line growth of approximately 23% to $ 4,564,718, compared to FY17âs revenue of $ 3,707,472. The company stated that a higher Research and Development rebate impacted the revenue in the year due to the increased expenditure on eligible research and development activity - $4.1 million compared to $2.1 million in 2017. The Group reported an excess of current liabilities over current assets of $4,109,975 at 30 June 2018 and declared a loss after tax for the year then ended of $18,497,161. The Companyâs cash reserves at the end of 2018 totaled $10.4 million compared to $8.4 million as at 30 June 2017.
Northern Minerals has been trading at lower levels since the past one year. It translates a plunge of 42.53% over the past 12 months including a decline of 35.90% in the last three months and 24.24% over the past one month.
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