- Write by:
-
Friday, December 21, 2018 - 11:17:15 AM
-
1910 Visit
-
Print
Mining News Pro - After five years of negotiations, Havilah Resources has signed a Native Title Mining Agreement for its Kalkaroo copper-cobalt-gold project, northeast of Adelaide in South Australia.
According to Mining News Pro - Kalkaroo is believed to be the largest undeveloped open pit copper-gold deposit in Australia on a copper equivalent ore reserve basis. The signing of the new deal increases Havilah’s chances of being granted a mining lease over the project area by the regional department for energy and minerals.
“The importance of the execution of this agreement cannot be overstated and represents a massive leap forward in the implementation of Havilah’s Copper Strategy – Enhanced by Cobalt, as it should now result in the grant of the Kalkaroo mining lease,” the company’s recently appointed chairman, Mark Stewart, said in a media statement.
The agreement was executed between the Ngadjuri Adnyamathanha Wilyakali Native Title Aboriginal Corporation (NAWNTAC) and Havilah. NAWNTAC is a corporate entity that jointly represents the interests of the Adnyamathanha, Ngadjuri and Wilyakali people.
According to the Dulwich-based miner, the indigenous group accepted the concept of an EBITDA or earnings before interest, tax, depreciation, and amortization, which is a profit-based compensation payment rather than an off-the-top revenue-based royalty payment.
The mechanism, Havilah communique reads, assists the company in times of low profits and allows NAWNTAC to share fully in times of high profitability of any future mining operations. It also considers employment, training, and business development opportunities for the native title holders over the life of the mine.
Kalkaroo is expected to be operative for at least 14 years. Production is forecasted to average 4,000 tonnes of copper, 100,000 oz. of gold and 1,000 tonnes of cobalt per year.
Short Link:
https://www.miningnews.ir/En/News/317403
Copper briefly traded through $10,000 a ton as investors raised bets on Federal Reserve rate cuts, and Goldman Sachs ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los ...
Peru’s dented mining mojo, hit by years of political turmoil in the Andean country, is being buoyed by strong copper ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
No comments have been posted yet ...