Upon some further digging, so to speak, it would seem that...

Upon some further digging, so to speak, it would seem that Adaman definitely got the mill operating.
As they completed a small agreement with GSM to mine some tailings, which completed recently (though GSM won't get any $$... due to the new situation). All I care about, is that the plant is capable of processing.

I can only assume that Adaman simply took on debt, and were not able to feed the plant....



For those that feel like reading something fairly trivial at this stage (unless RMS do suddenly decide to purchase plant)

Mt Magnet South 2011 PFS for Kickalocka

Suffice to say, 40-50k p.a is simply not going to cut it as a reason to buy the asset. It would have been different, if Penny West was going to be fed into the plant, but.... its not. Perhaps RXL (Rox Res) might be interested etc...

@BodoDell - very much agree about MGV. It seems like a logical fit for Mt Magnet, in perhaps 2-3 years, if Penny West did not have LOM extensions (or internal U/G success at the many Mt Magnet deposits)

Although price is indeed the issue. Though I wonder if eventually, it will prove worth of a higher price than SPX. WGX has shown they have no interest in MGV. So it's really just whether RMS buys it, or MGV and GCY merge. As I really struggle to see how a plant could be justified at MGV with 3 plants nearby.

Anyway, it does seem that there are indeed quite a few assets surrounding Mt Magnet, but... none as good as Penny West (currently).
Eridanus has provided Mt Magnet with a base load for many years (especially when RMS already had other open pits in the pipeline, which have now been pushed down the priority list).

I wonder if MZ could start better quantifying Mt Magnet's U/G potential. As whilst we have a few U/G mines, there is much less visibility on exactly how long they might last, versus the mining studies being completed for Penny and Eridanus U/G.