PHOSPHATE, NAMIBIA - Sandpiper Project (Minemakers 48.1% Direct and Indirect Interest)
- Definitive Feasibility Study on schedule for completion at the end of the March Quarter.
- Bulk sampling completed.
- Pilot scale beneficiation has met target aims of producing about a 28% P2O5 concentrate from the 18% bulk sample feed.
- That beneficiated product is being distributed for testwork by potential customers.
- The Marine Environmental Impact Assessment and the Environmental Management Plan Report have been submitted to the Namibian authorities.
PHOSPHATE, WONARAH (Minemakers 100%)
- Results of the Enabling Study indicated robust economics for a full scale development of Wonarah.
- Negotiations with India’s NMDC on forming a JV to develop Wonarah have proceeded more slowly than had been anticipated, but are anticipated to accelerate now that NMDC has taken control of ASX-listed Legacy Iron Ore Limited. Discussions with other potential parties have been initiated.
- JDCPhosphate (Minemakers 6.67% interest) has advised that it has successfully closed the funding needed for the first stage of development of their demonstration plant to roduce superphosphoric acid in Florida.
- Initial 2012 investigations will centre on metallurgical testwork for beneficiation of the various Wonarah phosphate bodies and will be preceded by a drilling programme to obtain representative mineralisation samples.
OTHER
- The West Southdown magnetite project has been conditionally sold.
- A majority of the $8.5M investment in BCD Resources has been repaid, with interest, by early cancellation of convertible notes, and the remaining funds are anticipated to be recouped by mid-February.
- The Company secured a $15M line of equity facility to ensure it can meet any early cash requirements for development of Namibia, if necessary.
- Cash position of over $14 million anticipated in mid-February.
MAK got a speeding ticket today - there is a broker report out for Wonarah, but otherwise they know nothing.
- had sold off from 65c to 27c in last 12 months, then popped to 35c today
Not too sure how proving up offshore phosphate is going to go, or the efficiency of extraction, even if it is 'world class'; and I have usually stayed away from composite minnow explorers, a foot in every mineral and global lease. Usually only like my Vegemite to be spread so thin.