The thread was moderated so I reposted this article which very much is useful to new readers.
I added information about QE because sentiment is one of the things CSD needs to see changed before it is set to get to my target prices. However, I'll repost QE info elsewhere. ;-)
From the Cairns Post:
http://www.cairnspost.com.au/busine...es-up-production/story-fnjpusdv-1227191834181
Cairns-based tin explorer Consolidated Tin Mines Ltd shores up production
- NICK DALTON
- THE CAIRNS POST
- JANUARY 21, 2015 10:40AM
CSD has an Extraordinary General Meeting at 10am at the Hilton for shareholders to vote on matters relating to the acquisition of Snow Peak MiningÕs assets. Consolidated Tin Mines Ltd Alternate Director martin Cai, Managing Director John Banning, Non Executive Director Andrew Kerr and Executive Chairman Ralph De Lacey during the general meeting of shareholders voting on acquisition of Snow Mining Assets. PICTURE: STEWART MCLEAN
CAIRNS-based Consolidated Tin Mines Ltd (CSD) has moved from being an explorer to a producer with the acquisition of two mines and processing equipment near Mr Garnet.
Shareholders voted in favour of acquiring Snow Peak Mining assets.
These include a concentrator, the Surveyor and Mt Garnet mines, Maitland and Einasleigh projects, the Baal Gammon Mineral Rights Agreement, all plant and equipment and all associated mining tenements and information.
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CSD managing director John Banning said the shareholder approval marked “another significant milestone” in the strategy to rapidly develop the Mt Garnet tin project.
“The acquisition of these assets sees CSD transform from a junior explorer with 13 employees to an operating miner and producer with active development projects and 134 employees,” he said.
“This acquisition is the key enabler for the company to develop its high-margin cornerstone tin project.
“The Mt Garnet tin project, coupled with the operating base metals assets and project pipeline and the Wanguo exploration agreements across highly prospective tenements, positions CSD with a solid foundation to deliver tin production, growth and diversification.”
Consolidated Tin Mines Pinnacles drilling at Mt Garnet
Mr Banning said under their management the SPM assets were brought from care and maintenance into production in November 2013.
He said it included more than 450,000 tonnes of copper and polymetallic ore and the processing of more than 380,000 tonnes of ore producing zinc, copper and lead concentrates with a silver co-product.
“During this period, production has been ramped up to current mining and processing production rates of 35,000 tonnes per month of polymetallic ore from Surveyor mine which is transported to Mt Garnet and treated through a concentrator which is operating 24 hour days,” Mr Banning said.
He said more than 27,000 wet metric tonnes of copper, zinc and lead concentrates had been shipped to customers in China through Townsville.
Mt Garnet underground mine was brought back into production last August and more than 90,000 tonnes of primarily zinc ore was extracted to December. “The Mt Garnet mine is now on care and maintenance for the 2014/2015 wet season with plans to recommence mining after the wet season,” he said.
“The Surveyor mine is still operating 24/7, as is the Mt Garnet concentrator with sufficient stockpiled ore to maintain continuous operations.”
To finalise the transaction, CSD will:
• issue to SPM 580 million fully paid ordinary CSD shares (Consideration Shares).
• issue a convertible note to SPM for $16.5 million which will be convertible into 165m ordinary shares 12 months after the date of issue.
• pay SPM $500,000 per calendar quarter for four quarters ($2 million in total).
• issue 30 million fully paid ordinary CSD shares to Snow Peak International Investment (SPII) as repayment of a $3m advance payment made to Consolidated Tin.
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