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Red Moon completes 1st shipment from Ace gypsum mine

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Red Moon completes 1st shipment from Ace gypsum mine

Red Moon Resources Inc. loaded the first shipment of gypsum and anhydrite from its open pit Ace mine in western Newfoundland.

Company President Patrick Laracy noted that the company made the shipment a bit more than a month since it was granted final mine approval in mid-July, with the prospect of positive cash flow from the operation in the near future.

Red Moon said Sept. 4 that, if it can access markets requiring production rates beyond the Ace mine's capacity, the company is prepared to develop other existing gypsum deposits on its mineral licenses which cover about 700 hectares of the historical Flat Bay gypsum mine.

The company further noted that an increasing shift from coal to natural gas-fired power generation plants in the U.S. is reducing the supply of synthetic gypsum to result in increasing demand for natural gypsum for the cement and wall board industries.

The Ace mine has the potential for a 10-year operation producing an average 350,000 tonnes per year, with the company aiming to better define commercial implications as ongoing production is established and market availability is demonstrated.