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Metallica to sell 50% stake in heavy mineral sand plant, tenements for A$1.7M

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Metallica to sell 50% stake in heavy mineral sand plant, tenements for A$1.7M

Metallica Minerals Ltd. agreed to sell its 50% interest in the heavy mineral sand plant and the tenements at Urquhart Point for about A$1.7 million to privately owned Victorian Ferries Pty Ltd.

The company said Dec. 20 that the proceeds will allow it to focus on advancing its Cape Flattery silica project and the Urquhart bauxite project in Queensland.

The sale is conditional on the counterparty to the Cape York heavy mineral sand and bauxite joint venture project also selling its interest in the tenements and plant to the buyer.

A review into startup delays at the Urquhart project found that the company's unit Oresome Australia Pty. Ltd. failed to negotiate a logistics contract with owners of the Hey Point transshipment infrastructure and failed to pursue other loadout options.

Metallica then withdrew its mining lease application for a proposed haul road to Hey Point, which was to be used to deliver product from Urquhart.