AMI (ASX) New critical minerals Federation mine to open near Cobar, boosting jobs and regional development

Originally posted by KKR: ↑

Good evening folks,

See the link below (Source Aurelia Metals) and the press release from the NSW Minister for Natural Resources that I've pasted below.

Federation Mine Opened by NSW Government

New critical minerals Federation mine to open near Cobar, boosting jobs and regional development.

11 September 2024
Source: New South Wales Premiere
Published: 11 September 2024
Released by: Minister for Natural Resources

Minister for Natural Resources Courtney Houssos will today open the state’s newest critical minerals and high-tech metals mine.

Aurelia Metals’s Federation mine, near the historic mining town of Cobar, will support more than 140 skilled jobs and provide a $143 million investment boost to the Far West. In 2022, NSW Resources estimated the mine would contribute $74 million in royalties over the initial project life.

The mine will produce up to 600,000 tonnes each year, with a focus on high-grade zinc, gold, copper and lead.

Copper has a transformative role in new energy technologies and electrification as a highly efficient conduit and is used in renewable energy systems including solar, hydro, thermal and wind energy. Zinc is used in solar panel production, batteries and energy storage.

Gold is essential to circuitry components and wiring in many electronics, including for solar panels and electric vehicles, while lead has widespread in industrial applications including back-up power systems in data centres, is used in electrical systems in most electric and hybrid vehicles, and in use in radiography and nuclear medicine.

The opening of the Federation mine builds on the Minns Labor Government’s commitment to critical minerals and high-tech metals mining in NSW. These minerals are important to the clean energy future and support valuable jobs in regional NSW.

Around 4,000 people are directly employed in critical minerals and high-tech metals mines across NSW.

Aurelia Metals is an Australian-listed mining and exploration company with its key production hub in the Cobar region of NSW.

Federation will use modern underground mining techniques, reducing its environmental footprint by operating predominantly below ground. The mine was only discovered in 2019 and received consent in 2023.

Cobar has a long history as a mining region for base metals and gold, with the first production of copper occurring in the late 1800s.

Today, mining continues as the key industry underpinning the local economy in Cobar. About 40 per cent of the local workforce is directly employed in the mining industry.

Federation will be the newest operating mine in the Cobar region, joining the CSA copper and silver mine, the Peak copper, gold, zinc and lead mine, and Tritton copper mine also in production. A fifth mine, the Endeavor silver, lead and zinc mine, is expected to restart production next year.

Key statistics:

Quotes attributable to Minister for Natural Resources Courtney Houssos:

"Opening the Federation mine highlights the Minns Labor Government’s commitment to critical minerals and the valuable jobs the mining industry supports, including in the Far West.

"Mining has a long and proud history in NSW, and opening the Federation mine today shows it also has a bright future.

"The critical minerals and high-tech metals from mines across NSW will help build the products for a clean energy future. With deposits of 21 of the 31 nationally identified critical and strategic minerals, NSW is well placed to be a global leader.

"The Federation mine will bring immediate employment and investment benefits to Cobar, but it will also support more jobs and investment through supply chains and towns right across the Far West.

"Congratulations to the investors, management and workforce of Aurelia Metals’s Federation mine as well as the Far Western NSW community.

"The Minns Labor Government is committed to attracting more investment across the state to unlock the value of NSW’s critical mineral assets."

Quotes attributable to Aurelia Metals CEO Bryan Quinn:

"It is remarkable to be opening a brand new mine only discovered in 2019. The short turnaround is testament to the excellent collaboration of NSW government agencies, the Aurelia team and strong support from the community.

"It puts in place a strong foundation for the future success of the Federation Mine and high-quality jobs and opportunities in the region.

"Federation is one of the highest-grade base metals development projects in Australia and is a key building block to unlock Aurelia’s growth potential in the Cobar Basin. Cash flow generated from Federation will help to advance Aurelia’s next organic growth project, which is the Great Cobar deposit."

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I would have thought the official opening would have been the time to announce the name change.

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(20min delay)
Last 31.3¢		Change 0.003(0.81%)		Mkt cap ! $537.3M

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31.5¢	32.5¢	31.3¢	$748.3K	2.352M

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