"Granted tenements and an option to buy
The MLs, Mining Purposes licences, tailings licences and water licences are
granted and held by Mt Carbine Quarries Pty Ltd (MCQ). Carbine Tungsten
holds a sub-lease over the granted tenements held by MCQ and is re-treating
the tailings from past production. Under the terms of its agreement Carbine
Tungsten pays a 2.5% royalty to MCQ on the value received from sale of
concentrate, and has a Heads of Agreement to purchase the tenements and
the quarrying operation for ≈A$7m.
Carbine Tungsten is responsible for maintaining the title in good standing, and
may not carry out any operations in competition with MCQ’s quarrying
operation which screens Low Grade Stockpile material for sale. This is the only
current source of aggregate north of Cairns, with the rock used in road and civil
construction in the region, and after trucking to Cairns and barging to Weipa,
used on Cape York. The current annual cashflow is estimated to be ≈A$1m.
Environmental Authority for EPML00956913 covering treatment of the existing
12Mt stockpile at an annual processing capacity of up to 3Mtpy was issued
August 2103. Under the Queensland government’s regulations it may be that
an Environmental Management of Systems (EMOS) is required to re-develop
the open cut hard rock operation at that scale."
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