What an FMS Qty could /should read like. BCK was behined FMS at one stage.BCK Qty no Covid 19 problems. 90% of BCK is owned by Chinese in Bahamas and HK.
No problems doing business with MIN.
QUARTERLY ACTIVITIES REPORT 30 September 2021
2
Exploration Activities
Marillana
Brockman Iron Pty Ltd (Brockman Iron) and
Polaris Metals Pty Ltd (Polaris- MINH) entered into a
farm-in and joint venture agreement (FJV
Agreement) pursuant to which subject to the
terms and conditions therein, Polaris may
farm-in by satisfying the farm-in obligations
and earn a 50% interest in the Marillana
Project. For details of the transaction please
refer to the Company’s announcement
dated 26 July 2018.
The FJV Agreement became Unconditional
on 21 January 2019, marking the
commencement of the Farm-in Period.
On the 22 April 2021, Brockman Iron and
Polaris signed an Amended and Restated
FJV Agreement and Deed of Amendment
and Restatement (collectively the
“Agreement”). Both Brockman Iron and
Polaris conclude that the Farm-in Obligations
under the Agreement have been satisfied
and the parties shall form the Joint Venture
immediately. As such, 50% interest in
Marillana Project (the Farm-in interest) will be
transferred to Polaris.
MRL has submitted indicative Development
Proposals, which include the following:
1. Development of the Marillana and
Ophthalmia Projects into an iron ore
mining hub capable of producing a
minimum of 25Mtpa of final product for
export.(they can do it on 25mt
2. Following the establishment of the Joint
Venture, MRL (or its Related Party) agrees
to provide the Joint Venturers with
funding by way of a project loan
sufficient to allow the Joint Venturers to
fund the forecast project capital costs for
each development.
3. A build own and operate arrangement
between the Joint Venturers and MRL for
certain non-processing infrastructure at
Marillana.
4. A build own and operate arrangement
for the crushing plant at Ophthalmia.
5. A proposed logistics system to transport
the ore from the mines to the port
stockyard at Port Hedland. This logistics
system is to be constructed and
operated by MRL (or a subsidiary).
6. Construction of a berth at a dedicated
location in Port Hedland (subject to the
approval from the State Government of
Western Australia).
7. A current market based estimate for
project capital and operating costs,
including the logistics services cost for
transporting the ore from mine to ship.
Initial Development Works
During the quarter, the JV progressed Initial
Development Works for the projects. Such
works included but are not limited to
updating approvals baseline data, tailings
management/design and continuous review
of the processing & metallurgy strategy.
Ophthalmia
The Company and Polaris have agreed that
in addition to the Marillana Project, the
Company’s Ophthalmia Project will be
included in the Farm-In Interest, such that a
50% interest in the Ophthalmia Project will be
transferred to Polaris upon satisfaction of
Farm-In Obligations by Polaris.
Polaris have commenced a programme of
works including mine planning studies,
transport corridors, environmental surveys
and approvals, in order to expedite
development of the project.
Regional development
Assay results received from the Punda Springs
reconnaissance sampling last quarter have
been received. Results have comfirmed
significant iron enrichment documented
from historical exploration sampling, with four
of seven samples returning greater than 50%
Fe (maximum 57.6% Fe). Results also showed
significant manganese enrichment, with five
of the seven samples reporting +60%
(Fe+Mn). The area is structurally complex
QUARTERLY ACTIVITIES REPORT 30 September 2021
5
and so the true thickness and extent of
mineralisation can only be determined by
drilling.
Mining Production and Development
Activities
No mining production and development
activities, including expenditure has been
undertaken or recognised for the quarter.
3. CORPORATE REVIEW
The consolidated cash position of the Group
as at 30 September 2021 was HK$44.6 million.
Payments to related parties of the entity and
their associates
The payment as disclosed in section 6.1 of the
Appendix 5B relates to:
Payment of HK$1.4 million for executive
directors’ salary and non-executive directors’
fees.
