Haddington has recieved confirmation from Teck Cominco that they have withdrawn from the joint venture. As a result Teck Cominco does not retain an interest and the tenement remains at 100% Haddington group ownership.
E70/2254 Smithfield is situated 20km SW of Greenbushes in Western Australia. The Smithfield pegmatites fall along the major Donnybrook- Bridgetown shear zone which also controls the mineralisation of Greenbushes.
Mt Webber- There are many ways to skin a cat and so with the Mt Webber Iron Ore asset. The cashflow on a royalty of 2% is currently worth $2 a ton when mined. Assuming a 3m ton pa production from AGO then this is $6m pa ( very useful) This could fund borrowings or the income stream could be sold ie factored. The company could take up its option to buy 30% and then sell its interest. What ever the case may be thiis iron ore asset is worth a few bob and would provide useful cash so that dilutiion through capital raisings is minimised. Haddington still has other iron ore tenement applications outside of the AGO deal.
HDN Price at posting:
15.9¢ Sentiment: None Disclosure: Not Held
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