trending Market Intelligence /marketintelligence/en/news-insights/trending/LyUPbaDXuGUSg6m5t3hnbw2 content esgSubNav
In This List

Australian Mines secures options on 2 Australian scandium-cobalt projects


European Energy Insights - May 2021


Metals & Mining Insights May 2021


Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective


Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Australian Mines secures options on 2 Australian scandium-cobalt projects

Australian Mines Ltd. said Oct. 10 that it entered into an option agreement with Jervois Mining Ltd. to acquire a 100% stake in the latter's Flemington scandium-cobalt project near the Syerston property in New South Wales, Australia.

Under the terms, the company will make A$2 million in staged payments to Jervois Mining to exercise the option. The project's total purchase price is A$6 million, excluding all option fees paid.

The agreement also includes a 1.5% gross sales royalty on the sale of products derived from the Flemington assets.

Work on a project scoping study has been started, according to the statement.

In addition, the ASX-listed miner entered into a separate agreement with Metallica Minerals Ltd. to earn up to a 75% stake in the advanced Sconi scandium-cobalt project in Queensland, Australia.

To earn an initial 50% stake in Sconi, Australian Mines will either complete a definitive feasibility study on the project within four years or spend A$10 million, as well as secure funding as estimated in the study within the next 18 months to earn the maximum 75% project stake.

The company will pay A$250,000 upon entering a joint venture agreement on Sconi.

Australian Mines has started work on the a definitive feasibility study, which is expected to take up to two years to complete ahead of a decision to mine.

These transactions will provide the company with a clear pathway to production through the development of the premium-quality scandium resource at Sconi before expanding to bring the high-grade Flemington scandium-cobalt project on line by 2022, Australian Mines said in the statement.