Northern Minerals has released its quarterly report to the market, reinforcing the Company’s priority of advancing the Browns Range heavy rare earth element pilot project. Northern Minerals’ focus during the quarter was on facilitating the fulfilment of the next stage of the $30 million equity funding agreement with Huatai Mining, to allow pre-commitment works for the pilot plant operation to begin ahead of a final investment decision in early 2017.
The focus this quarter has been facilitating the fulfilment of the next stage of the $30 million equity funding agreement with Huatai Mining, to allow pre-commitment works for the Browns Range pilot plant operation to begin ahead of a final investment decision in early 2017.
Highlights
- Funding Subscription Agreement signed with Huatai Mining Pty Ltd to raise $30 million at an average price of over 13 cents per share.
- Initial $3 million received in September quarter from Huatai Mining, with the remaining $27 million to be paid in three tranches during the December quarter.
- Browns Range Pilot Plant received Project Management Plan approval from WA Department of Mines and Petroleum.
- Binding tenement sale agreement signed with Norther Star Resources (ASX:NST) to sell exploration licences in the Tanami Region of the Northern Territory for $1.25 million in cash.
