Either way, by reading the history it sounds like a absolute bargain and a good quality to what to look for when investing in a company also as taken from the fox website: ____________________________________ Fox Resources floated on the ASX in April 2002 with the focus on Western Australian mining projects. In late 2002, Fox Resources acquired the Radio Hill Nickel Project for approximately $1 million dollars. The acquisition was made during relatively low nickel prices after the cessation of mining activities by previous owners. Fox inherited a $60 million dollar plant, mine development, infrastructure and surrounding mining leases. With further capital expenditure, the Radio Hill plant was upgraded with state-of-the-art technology.
Over a relatively short period of time, Fox transformed from explorer to producer with the commencement of nickel concentrate production in July 2004.
Fox became the first Australian miner in late August 2004 to ship nickel and copper concentrate to Jinchuan Limited. The shipment of 3,000 tonnes was valued at AUD$3 million. This represents another major milestone reached in the successful development and commissioning of the Radio Hill Project.
Historically, the Radio Hill mine has produced over 20,000 tonnes of contained nickel under the previous owners. The team at Fox firmly believes there are still vast quantities of untapped nickel and other base metal resources in its land holdings which cover approximately 1,500km2, the largest in the West Pilbara.
Modern geophysical techniques have been applied to Fox’s advantage in assessing the future potential of the Radio Hill Project. The results convinced Fox to fast-track the project and the bankable feasibility study. Just six months after drilling was completed, the mine was back into production. __________________________________
How much Steff? :)
FXR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
