Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) has updated the market on development progress at its Browns Range pilot plant project in the East Kimberley. Installation of the pilot plant is on track for completion by the end of June, despite recent weather delays. Electrical installation works have progressed and piping has commenced. As a result of the successful share purchase plan, which closes today, the company can accelerate its plans to fast-track project enhancement initiatives.
Highlights
- Steady progress on the Pilot Plant installation, on track for completion by 30 June 2018
- Recruitment drive has commenced for Pilot Plant operations roles
- Share Purchase Plan (SPP) closing today at 5.00pm WST
- Hallgarten Research Report released in February
Australian heavy rare earths developer, Northern Minerals Limited’s (ASX:NTU) Managing Director, George Bauk is pleased to provide a progress update on the Browns Range Pilot Plant Project, under construction in the East Kimberley region of WA.
As a result of the successful SPP, the company can accelerate their plans in order to fast-track the project enhancement initiatives at Browns Range (as announced on 27 December 2017), including downstream processing options and an increase in exploration, aimed at extending the potential mine life of the full-scale project from 11 years to >20 years.
Despite heavy rains in the area over the last two weeks causing some delays on site, Primero Group continued to make steady progress on installation of structural steel and process plant modules. Electrical installation works have progressed and piping work has commenced. Completion on track for 30 June 2018.
The Operations team continues with operational readiness work, progressing development of; the commissioning plan, operations systems and procurement of key supply contracts. The recruitment drive for the remainder of the Operations team is underway.
EXPLORATION UPDATE
Planning of drilling programs, which are to commence in the June quarter, is underway, Drilling will be aimed at providing a first pass assessment of several new prospects and targets, as well as follow-up drilling at existing deposits and prospects to increase the Project’s mineral inventory.
FUNDING UPDATE
On the 30th of January, the company announced the extension of the SPP to the 12th of February 2018 to eligible shareholders dated 22 December 2017. The company has received in excess of $10m and will now take up to approximately $11m. The company also received its second drawdown of US$5.4 million from NY based fund Brevet.
