Metallica Minerals Limited (ASX: MLM) is building a cash focused resources company with interests in bauxite, graphite, mineral sands and silica sands projects.
Company is transitioning from minerals exploration to development and production, concentrating on its bauxite assets with the goal of becoming a successful, sustainable and profitable bauxite miner producing 5-7Mtpa of bauxite over the coming 3-5 years.
To achieve this the Company has focused its efforts on the Urquhart Bauxite Project which is a part of the Cape York Bauxite and Heavy Mineral Sands Joint Venture which is located on the west coast of Queensland’s Cape York (MLM owns 50% and is the Operator). The Urquhart Bauxite Project (Project) has a JORC (2012) Measured and Indicated Resource of 9.5Mt with the Pre-Feasibility Study highlighting the Projects potential to deliver strong financial returns with minimal capital expenditure. In 2017 the Company received both Queensland and Commonwealth government approvals for the Mining Lease and in November 2018 announced the final approval associated with the haul road that links the Project to the established barge loading facility at Hey Point.
As Metallica moves towards operational production and revenue generation from the Project the Company is investigating opportunities to unlock value from its non-core assets while also assessing potential bauxite acquisitions that will add value for shareholders.
Urquhart Bauxite – Operations
Index Rates: BAU
Source: CBIX Index Wrap – March 2019