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Speciality Metals to buy Mount Carbine quarry, mining leases at tungsten project

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Speciality Metals to buy Mount Carbine quarry, mining leases at tungsten project

Speciality Metals International Ltd. agreed to purchase the Mount Carbine quarry and two mining leases from Mt Carbine Quarries Pty. Ltd. It did not disclose financial details.

The company said Dec. 20 that the mining leases, located within its Mount Carbine tungsten project in Queensland, Australia, are "integral to the successful development" of the project. In the meantime, the operating quarry will provide cash flow. The group also believes that the quarry infrastructure will be useful in developing the mining operations.

The contract of sale is expected to be executed by mid-March 2018.