Easy to paste part of a company website. What you didn't say is that it used to be an open pit mine, but that was mined out.
"The open pit was mined for many years on a small scale. The shaft was mined for a few years in the bottom of the pit. The deepest level is 500 feet with minimal workings. Timber fire and difficult conditions ended the operation."
https://www.mindat.org/loc-27520.html
They are now underground mining. Wonder what the opex is on that?
"Applied Minerals’ extensive drilling program continues to explore underground areas of the Dragon property including two mines developed by prior operators as well as one area that had previously remained unexplored. To date, it has been determined that the collective area contains a Measured Resource of 2,058,128 tons of clay. Extraction of material from targeted areas of this resource is in progress."
http://appliedminerals.com/site/the-dragon-mine
They also stated that they were processing surface piles:
"The Company, through its geologic survey, has measured five surface piles on the Dragon property encompassing 4.5 million tons of material which can be processed to create purified Halloysite products. The piles were formed by prior operators (from 1949 to 1976) who rejected the mined clay because it did not meet the criteria for their specific end market.
The operators abandoned the Dragon Mine in 1976 when they believed all economic and acceptable resources of Halloysite had been exhausted and an ability to purify the surface piles did not exist (now available today). The surface piles were never removed as the operator failed to appropriately remediate the land. Applied Minerals extraction of material from these surface piles provides that overdue remediation, restoring the land to its natural, undisturbed state.
To date, Applied Minerals has characterized the chemistry and mineralogy of the surface piles and developed a processing system to convert them into purified Halloysite products."
However in Aug 2018 those piles were sold for $4.3m:
"NEW YORK, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Applied Minerals, Inc. (the "Company" or "Applied Minerals") (OTCQB: AMNL), a leading global producer of halloysite clay, under the trade name DRAGONITE, and advanced natural iron oxides, under the trade name AMIRON, is pleased to announce that it has closed on the sale of its five (5) surface piles (approximately 4.5 million tons of extracted material consisting primarily of mixed clays with iron oxide) to a leading building products and construction materials group for net proceeds of approximately $4.3 million. The material will be used as a natural pozzolan to extend Class F fly ash."
So, as you stated, this is "the only known measured resource of Halloysite Clay in the Western Hemisphere significant enough for large scale commercial production". How do you think an open pit at Poochera compares to this?
- Forums
- ASX - By Stock
- ADN
- General comments/chat
General comments/chat, page-6318
-
- There are more pages in this discussion • 37,760 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add ADN (ASX) to my watchlist
(20min delay)
|
|||||
Last
1.6¢ |
Change
-0.002(8.82%) |
Mkt cap ! $49.76M |
Open | High | Low | Value | Volume |
1.6¢ | 1.7¢ | 1.6¢ | $54.94K | 3.431M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
43 | 7886236 | 1.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
1.6¢ | 1388730 | 8 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
43 | 7886260 | 0.015 |
15 | 5136049 | 0.014 |
7 | 2633923 | 0.013 |
6 | 1655833 | 0.012 |
4 | 2365909 | 0.011 |
Price($) | Vol. | No. |
---|---|---|
0.016 | 1392167 | 8 |
0.017 | 3456624 | 11 |
0.018 | 3162774 | 11 |
0.019 | 3659762 | 9 |
0.020 | 1678444 | 14 |
Last trade - 15.42pm 15/07/2024 (20 minute delay) ? |
Featured News
ADN (ASX) Chart |
The Watchlist
RCE
RECCE PHARMACEUTICALS LTD
James Graham / Dr Alan Dunton, MD & CEO / Non-Executive Director
James Graham / Dr Alan Dunton
MD & CEO / Non-Executive Director
SPONSORED BY The Market Online