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NSL Consolidated secures mining leases near Kurnool iron ore wet plant

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NSL Consolidated secures mining leases near Kurnool iron ore wet plant

NSLConsolidated Ltd. said March 31 that it has secured mining leasesAP26 and AP27 under its wet beneficiation production expansion plan, through arun of mine royalty based agreement near its Kurnool operations in India.

Under a binding heads of agreement, the company will obtainexclusive operation and management rights from the lessee in exchange for abeneficiated run of mine royalty payment of about A$1 per tonne, for a periodequal to the length of the mining lease.

The AP26 and AP27 mining leases cover a combined 100 acres,and are host to a significant quantity of iron ore material amenable to thecompany's beneficiation plant. The new mining leases are located in the samegeological basin as the company's Kuja and Mangal iron ore mining leases.

The government of Andhra Pradesh state worked closely withthe company and the lessee to finalize the deal. The company a memorandum ofunderstanding with the state government to support the iron ore growth strategywithin Andhra Pradesh.