Quick fire – industry news briefs

True North Copper is seeking to recruit a new managing director, with Marty Costello stepping down from that role. Mr Costello (pictured right) will remain on the board as executive director business development while Ian McAleese will assume the role of executive chairman from his current position of non-executive chairman until the new managing director is appointed. Mr McAleese said: "On behalf of the board I wish to thank Marty for his tireless work and enthusiasm as the founder of True North Copper by leading the company which is now primed to become Australia's next copper producer." Carnaby Resources is progressing the sale of its Tick Hill gold project in North-West Queensland to private group Tick Hill Mining following the signing of a tenement sale agreement last year. The deal will see Carnaby will transfer the title to mining leases ML7094, ML7096 and ML7097 Tick Hill Mining for a 5 per cent net smelter return royalty on all gold extracted from the existing Tick Hill ore reserves. These include the Tick Hill open pit, tailings dam and ROM stockpile ore reserves. In its latest quarterly report, Carnaby said both parties were awaiting ministerial indicative approval of the tenement transfer as the last outstanding condition precedent of agreement prior to transaction completion. Bauxite Hills mine owner Metro Mining has received binding commitments for a $40 million placement at $0.041 per new share. The placement is accompanied by a $4 million share purchase plan. Proceeds from the placement will be used to repay $39 million of debt comprising: $21 million junior debt (immediately); $4 million working capital facility (immediately); and, $14 million junior debt (target July 2024, subject to maintaining covenant compliance). The remaining proceeds from the placement together with the proceeds from the SPP will be allocated to expenses related to the fundraising and working capital. Renegade Exploration has wrapped up a gravity survey over Mongoose Deeps and a magnetics survey at Mongoose West near Cloncurry. A cultural survey was also completed at the Mongoose Deeps and Mongoose West drill sites. "The Renegade team have completed a vast amount of work building up the targets at Mongoose Deeps and Mongoose West," Renegade chairman Robert Kirtlan said said. "The geophysical surveys will provide additional information for final drill hole targeting by delivering a high-resolution gravity and magnetics model for the respective areas.“ Diamond drilling is to commence at Mongoose Deeps later this month. RC drilling at Mongoose West is planned for after the Mongoose Deeps diamond drilling. Tartana Minerals has secured commitments from investors for a total $1.7 million in new capital in addition to the $0.11 million raised in the recently closed rights issue at $0.05 per share. Managing director Stephen Bartrop said: "We are now in production at our copper sulphate plant, with frequent shipments to soon commence, and we have an attractive portfolio of exploration projects in Far North Queensland, including JORC 2012 Mineral Resource Estimates for copper (45,000 t), gold (415koz) and zinc (39.000 t) at three projects. "Additionally, we are seeing strong runs in the copper and gold prices. Increasing copper prices directly increases our profitability as copper sulphate is priced by reference to its copper weight (about 25 per cent). "These factors have clearly been recognised by investors who have committed $1.7 million in new funding to Tartana, and we believe they are key to our ability to raise this capital at a material premium to the last traded price of TAT. These funds will provide additional working capital as we look to increase production of copper sulphate and recommence our exploration program.” Duncan Cornish has been appointed as chief financial officer and company secretary for vanadium and oil shale developer QEM. He replaces David Palumbo. A chartered accountant, Mr Cornish is CFO and company secretary of Ballymore Resources and company secretary of Bowen Coking Coal, Noble Helium and Elementos. He was the founding CFO and company secretary for Stanmore Coal, Waratah Coal, Bow Energy and Orbis Gold.

Quick fire – industry news briefs

Industry Queensland

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