Trial mining for Korella rock phosphate project
7th May 2012
TOWNSVILLE, Queensland, May 7 – Trial mining at Krucible Metals’ Korella rock phosphate project in NW Queensland, Australia, could begin as soon as July as the company pursues its plan for production in 2013.
The project has received a state government environmental authority, which Krucible says will progress its current close discussions with a number of companies that have expressed interest in partnering the company to Korella’s development as early as 2013.
It is expected the mining lease will be granted in 8-10 weeks, allowing the company to then begin trial mining. Potential customers in Australasia and SE Asia will be supplied with +30% phosphate material for test work and to facilitate possible off-take agreements.
Korella, adjacent to the fully integrated fertiliser plant at Phosphate Hill near Mt Isa, will be a rock phosphate quarry-style operation mining a JORC inferred resource of 5Mt @ 30.8% phosphate. A recent positive scoping study has indicated an NPV of $A83M at a discounted hurdle rate of 15% and $US/$A rate of <0.90.
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