HAV

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23.5¢ havilah resources limited

My understanding which is limited is as follows: I thought with...

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07/03/17

19:45

Post #: 23166518
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Originally posted by eastwest101 ↑

Yeah - I always am a bit wary of any announcement that includes the word Cobalt in conjunction with the words or images of Tesla but the announcement from HAV clearly describes two pathways to Co production and is at least honest about them:

1. Leaching - including acid pressure leach or bacterial oxidation.
2. Roasting and acid plant - produces by-product sulphuric acid and iron ore.

The roasting alternative produces the best revenue stream but is capital intensive and requires a long term market for the sulphuric acid produced. Leaching is potentially less capital intensive and will produce saleable cobalt salts. Havilah’s basic leaching experiments to date show that an extremely acid solution (generated from oxidation of Mutooroo ore) is moderately effective in leaching the pyrite and releasing cobalt.

So to break that down we can say that:

option 1. Leaching either consumes so much acid to get the Co out of the Pyrite concentrate as to be uneconomic, has its own environmental issues in creating highly acidic solutions and leach pads or the bacterial oxidation method which I know has been looked at at numerous Copper sulphide deposits that contain Co but no-one has ever got it to work and it has always ended up in the tailings dam. (e.g. Mt Isa Copper, Ernest Henry, Osborne, Mt Gordon/Gunpowder, Rocklands, Selwyn etc etc). Try as you might you will never see Co revenues or grades reported from any of these copper deposits.

option 2. Roasting and acid plant - very high capital costs and energy intensive and produces a lot of sulphuric acid so you need a large sulphuric acid customer close by, 99% of the value of sulphuric acid is the cost of transportation to get to the customer, and the only large scale customers are usually fertilizer plants. You would want the power coming from the NSW/Broken Hill/Mildura side of the grid and not the SA side, at least the transcon railway is reasonably close by so that helps with potential logistics.

I think this is all a bit of a distraction anyway and you can see that by looking at the Mutooroo orebody that the Copper grades and the stripping ratio of the orebody will either make or break Mutooroo, not some small sideshow in Cobalt or acid production. That presentation just makes me more interested in HAV's Copper and Gold projects so colour me a little bit skeptical about the cobalt potential and would rather them work on the potentially large and simpler copper revenue stream and keeping the gold coming into the plant, rather than chasing a potentially niche cobalt revenue stream.

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My understanding which is limited is as follows:

I thought with the roaster that they were going to generate excess power so should that really be a problem?

Also they would be getting Iron ore, cobalt ,sulphuric acid, copper and gold out of this project.

The problems were funding for the roaster and a customer for the sulphuric acid.

The advantages would be higher quality concentrates.

HAV Price at posting: 66.0¢ Sentiment: Hold Disclosure: Held
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