Tungsten Ore Industry Developments-I

The price of tungsten rose dramatically following the global financial crisis from a low of less than US$200 per metric tonne unit (MTU = 10 kilograms) of ammonium paratungstate (APT) in late 2008 to mid-2009 to reach new highs of US$480/MTU in mid-2011. This price increase reflected growth in demand and tightening of supply by China. Prices have since eased, to below US$350/MTU in early 2013, before recovering to around US$400/MTU in September 2013, which is still above the 2000-2010 long term average levels. Price increases in the second half of 2013 have also coincided with a decrease in the value of the Australian dollar. There has been continued activity at a number of Australian projects, including production at Kara in Tasmania and Wolfram Camp and Mount Carbine in north Qld.

In November 2011, the German mining company, Deutsche Rohstoff AG (DRAG) took full control of the Wolfram Camp tungsten-molybdenum project, 90 kilometres west of Cairns in north Qld, as well as the Bamford Hill tungsten-molybdenum deposit 25 kilometres south of Wolfram Camp. In February 2012, DRAG delivered its first WO3 concentrate from Wolfram Camp. The Wolfram Camp mine was discovered in the late 19th century and has a recorded production3 of 5.4 kt of wolfram, 1.4 kt of tungsten and bismuth (Bi) and 135 tonne of molybdenum (Mo). Tungsten-molybdenum-bismuth mineralisation occurs within quartz pipe-like bodies within the greisen-altered margin of the James Creek Granite in contact with metasediments of the Hodgkinson Province. The Wolfram Camp mine was officially re-opened in July 2012. In December 2012, DRAG upgraded the treatment plant allowing greater throughput, and since February 2013 the company has been producing between three and four tonnes per day of tungsten concentrate, plus an unspecified amount of by-product molybdenum. Tungsten concentrates are handled by off-take partner USA-based Global Tungsten and Powders Corp. In November 2013, DRAG announced that the Wolfram Camp mine had officially commenced commercial operations with a planned 10-year mine life. The most current resource estimate for Wolfram Camp, which was released by Planet Metals Limited in May 2010, is 1.42 million tonnes (Mt) grading 0.6% WO3 and 0.12% Mo comprising 0.78 Mt grading 0.56% WO3 and 0.13% Mo in Indicated Resources and 0.64 Mt grading 0.65% WO3 and 0.11% Mo in Inferred Resources. In November 2013, DRAG released an updated non-JORC Code compliant, estimated inventory of about 3.8 Mt returning approximately 0.4% WO3. Continued exploration is planned to further define the resource.

 

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