Xiamen Tungsten Cooperation Will Buy Tungsten Concentrate from Australia

On Nov 3, according a report by Australia media, MT (Mulgine Tungsten Mine) in the west of Australia went through environmental examine and approval, it is expected to be explored in 2018. Xiamen Tungsten Cooperation will purchase tungsten concentrate from this company.

MT is a tungsten mine possessed by an emerging Tungsten Mining NL, it is a primary listed company (ASX:TGN), its main business is exploring tungsten mine in Australia. Not long before, NL and XTC signed a memorandum of understanding. In the future, the two companies will set up an agreement for sale. According to the agreement, XTC will buy tungsten concentrate from MT and provide advanced Chinese beneficiary technique.

CEO of NL Tungsten Mine Craig Ferrier express his pleasure that the chance to cooperate with XTC which is the main market participator of global tungsten market. In this way, we can obtain professional knowledge and provide utmost value to customers and shareholders. We are glad to achieve another important landscape in our development process.

MT project locates in the west of Australia Murchison area, it is 350 miles from northeast of Perth. It is discovered in 1980s. In 2012, the total asset evaluation is 71900 thousand tons, calculated into metal reserve is 16400 tons, containing WO3 with average grade 0.18% and Mo of 230ppm. The main material is coarse tungsten scheelite, accompanied by platinum, gold and silver which can be recycled.

In 2005, NL tungsten mine purchased this project from other company, and then explored MT tungsten concentrate and molybdenum concentrate, which has settled two exploring site in the open air. There is no doubt that this is another huge tungsten mine outside China. The scale is secondary to Mashan Group in Vietnam. NL company owns 100% right for tungsten and molybdenum concentrate.

Recently, the tungsten mine has went through environmental inspection and approved by Australia government. It is now do the preparation before exploration. NL company also acquired a tantalum manufacturer in August, it will be rebuild into tungsten mine beneficiary factory. In the initial state it has standard processing amount for 30tons per hour, it will increase output with market trend.

In October, NL tungsten mine company raised 13.5 million dollars from its shareholders. With tungsten price rises in recent months, its shares price doubles as well. Employees said they are positive for future tungsten price, although environmental policy of China is the main factor for tungsten price increase, but emerging application of battery also inject new impetus to the market. Not long ago, Middle university in Florida are researching a battery containing tungsten chemical compounds, which is able to realize fast charge. Chemical property of tungsten compounds will make the battery mild, the size is much smaller than lithium battery. It will boost demand for tungsten material.

Fund raised by company will be used to test the factory, geotechnical engineering, sterilization drilling, detailed project and final possibility research. If everything went smoothly, it will running officially in 2018.

• < Prev
• Next >