Ann: AUZ partners with SK Innovation to develop Sconi Project, page-75

Fantastic announcement!

BB is lining everything up strategically and wisely by partnering with SK Inn.

There is a lot of great information in this announcement, thought I would highlight some towards the end of the term sheet.



“Now that Australian Mines has secured an off-take partner for the Sconi Project, we are the only company that is in a position to align the technical production and processing parameters of the Bankable Feasibility Study (BFS) with the demands of its end-user partner, who will also be our key strategic partner in the construction and financing of the overall project."

“As such, we have modified the scope of the BFS to align with SK Innovation’s requirements for 12,000 tonnes of cobalt sulphate and 60,000 tonnes of nickel sulphate per year. This work, which will commence immediately, will include a modified mining pit shell and production schedule that optimises the extraction of the nickel and cobalt in keeping with the volumes specified in the off-take agreement."

“Although these changes will extend the BFS timetable by a few months resulting in delivery by the end of June 2018 there is no doubt this Agreement with SK Innovation will assist Australian Mines in moving very quickly post the completion of the BFS to finalise the remaining financing required to construct the full-scale mining and processing operation at the Sconi Project."

“We have enjoyed a good reception from potential end-customers throughout Asia and Europe while on roadshows to key markets in the past 12 months. We also are also currently engaged in productive conversations with separate entities around possible off-take agreements for the scandium oxide component of production from the Sconi Project.”