Australia’s Tungsten Mining Enters MOU with MCCI

Australian tungsten developer Tungsten Mining NL (TGN) has signed a Memorandum of Understanding with MCCI to develop a collaborative plan for the feasibility study of its Mt Mulgine tungsten project. MCCI is a wholly owned subsidiary of Metallurgical Corporation of China, engaged in contracting and consulting services for high-end projects around the world. mt Mulgine is located in the Murchison region of Western Australia, approximately 350 km from Perth.

This MOU outlines the framework for a binding definitive agreement to complete metallurgical test work and engineering services as part of an agreed value engineering study and definitive feasibility study. The scope also includes assistance in procuring the project financing required to implement the Mt Mulgine project.

Tungsten Mining and MCCI have also agreed to collaborate on technical process improvements to increase tungsten, molybdenum, and copper concentrate grades and recoveries while reducing operating costs associated with the process.

Craig Ferrier, CEO of the company, said, "The execution of the MOU with MCCI is a great opportunity for the company to fulfill its commitment to move the Mt Mulgine Tungsten Project forward."

Tungsten Mining NL is an Australian-based resources company whose primary focus is on the exploration and development of tungsten projects in Australia. "We are pleased to be working with an organization as capable and successful as MCCI and look forward to a long and successful relationship." The MOU proposes that MCCI will be appointed as the engineering procurement and construction (EPC) or EPC management contractor, depending on the agreed project delivery strategy.

If MCCI proceeds with the construction of the project, it has also requested to participate in the operation and maintenance of the processing plant. In addition, the parties have agreed to consider the opportunity for MCCI to participate in the project through a small equity investment. Tungsten Minerals last traded at 13 cents on Jan. 10.

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