Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) has updated the market on its activities for the three months to December 31. During the quarter, mining was completed and assembly of the $56 million Browns Range pilot plant project in the east Kimberley was progressing well. The majority of modular plant and equipment arrived on site and is being assembled. First production is on track for mid-2018.
During the quarter, mining was completed and assembly of the $56 million Browns Range pilot plant project in the East Kimberley, WA, was progressing well.
- Majority of modular plant and equipment arrived on site from China and is being assembled.
- ASX-listed MACA Limited, the Browns Range mining and bulk earthworks contractor, completed the mining campaign, with an additional 25,000t ore mined during the program.
- The Company announced a $9.74 million funding package, including a $4.74 million Placement and a $5 million drawdown under the Lind Facility.
- A share purchase plan (SPP) was launched, with eligible shareholders invited to apply for up to $15,000 worth of shares at 7.8 cents per share. Offer closes 12 February 2018.
- Subsequent to the end of the quarter, the Company announced high grade rock chip sample results (including 7.19% TREO).