Failed mine’s second chance.Metallica Minerals fought hard to...

Failed mine’s second chance.

Metallica Minerals fought hard to gain control of Queensland Ores’ assets recently despite knocking back other investment opportunities. Belinda Humphries discovers why.
Metallica company secretary John Haley – who is now also company secretary for Queensland Ores - described the takeover as a “bite-sized” investment offering the
prospect of good returns. “We have been offered many (mineral projects) over the past eight months, because people know we have money in the bank,” Mr Haley said.
“But most are exploration plays and, unless they are exceptional, we’re not interested.”

Mr Haley said Metallica’s primary goal was to be a producer and it saw better value in more advanced projects.“There is no guarantee that either (Mt Cannindah
or Wolfram Camp) will go into production, but it gives us much more advanced projects,” Mr Haley said. “Wolfram Camp is permitted, had a camp on site and was operating for a short time – unsuccessfully, but you could turn the switch back on and be producing in a couple of months.”.......................................read the full article on page 12 in Mining Advocate magazine at

http://www.industryadvocate.com.au/editions/TMA_July_09.pdf