Metallica Minerals Limited (ASX: MLM) is primarily a bauxite developer with other interests in graphite, mineral sands and silica sands. Metallica Minerals is transitioning from minerals exploration to development and production, concentrating on its bauxite assets with the goal of becoming a successful, sustainable and profitable bauxite miner producing 5-7Mtpa of bauxite over the coming 3-5 years.
The Urquhart Bauxite project is located 5km south-west of Weipa on the west coast of the Cape York Peninsula and is a 50% Joint Venture with a private Chinese investor. Urquhart’s Mineral Resources stands at 9.5 Mt grading 52.8% AL2O3 , 13.7% SiO2 with 6.9Mt being in the Measured and Indicated categories. The project is development ready pending the final approval for the haul road, once this is received production will commence soon thereafter as construction is scheduled to be completed within4-6 weeks.
In April 2018, Metallica announced the strategic loan to Southwest Pacific Bauxite the 75% owner of the Wagina Project located in the Solomon Islands. The agreement allows Metallica exclusive due diligence on the project. The project has a large JORC resources of 30.1Mt and has the potential to be brought into production via a low capex model.
Metallica continues to assess growth options which will enable it to increase our production profile to 5.-7Mt pa of bauxite which would represent 6% of the global seaborne bauxite traded.
The company’s current cash balance is $6.7 million and remains fully funded for the development of the Urquhart bauxite project. Metallica will also receive a further $1.5 million in Australian Mines Pty Ltd shares by 30 June 2018 in relation to the sale of the SCONI Project and has an undrawn $2 million line of credit.
Stock Exchange Listing
Australia | Solomon Islands
Bauxite | Graphite | Mineral Sands
Stage of Production
Board of Directors
- Mr Peter Turnbull – Non Executive Chairman
- Mr Simon Slesarewich – Managing Director
- Mr Steve Boulton – Non Executive Director
- Mr John Haley – Chief Financial Officer and Company Secretary
- Jien Mining Pty Ltd – 12.4%
- Plan-1 Pty Ltd – 4.12%
Plans and Developments
Metallica Minerals remains focused on securing the final approvals required to commence production at the Urquhart Bauxite project in the second half of 2018. The company has also entered into a secured loan agreement over the Wagina bauxite deposit in the Solomon Islands which grants Metallica the option to carry out exclusive due diligence. The project has the potential to brought into production via a low capex model. The project has a JORC resource of 30.1Mt.
Why should investors invest in you?
Metallica Minerals is fully funded, with no debt and is looking to build a sustainable bauxite business via initial production at the Urquhart Bauxite project, with a long term vision to achieve 5 – 7Mtpa bauxite sales within the next 3-5 years. The company is assessing further growth opportunities which fit the criteria of being advanced, long life, low cost and the potential to create significant shareholder value.
Metallica Minerals (ASX:MLM) will be presenting their mining projects to prospective investors at Energy Mines and Money Australia. Claim your complimentary investor pass now.