Bulk: Perpetual gets silica sands licence for a WA project it bought from Tolga Kumova
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Perpetual Resources (ASX:PEC) has jumped the final hurdle of its planned acquisition of the high-grade Beharra silica sand project in Western Australia with the grant of an exploration licence.
The company picked up an option in February this year to acquire the project from high profile mining personality Tolga Kumova, along with Peter Gianni and Robert Jewson.
Perpetual now has shareholder approval and the necessary exploration licence needed to complete the acquisition.
Earlier this year, the company drilled four auger holes into the project which returned results of over 99 per cent silicon dioxide.
It depends on the degree of purity as to what silica can be used for.
For example, grades of over 99.5 per cent silicon dioxide are used in the manufacture of glass, including clear glass.
A purity of over 99.8 per cent is used to make semi-conductor fillers, LCD screens and optical glass.
And this is a rapidly growing market – particularly for glass made for solar panels and smart glass for electronic devices.
Perpetual plans to start aircore drilling as soon as it has received approval so that it can define a maiden resource.
“The encouraging results returned by auger drilling across a large expanse has provided an increased impetus to rapidly develop the project,” managing director Rob Benussi told investors today.
Strandline Resources (ASX:STA) has secured credit approval from Nedbank CIB for a $US26m project finance facility for its $US35m Fungoni mineral sands project in Tanzania. Strandline revealed in early January that Nedbank CIB had agreed to act as lead arranger and underwriter of the five-year loan.
Kore Potash (ASX:KP2) has raised $US13m to sink into its Sintoukola potash project in the Republic of Congo.
Legacy Iron Ore (ASX:LCY) has given Shri Alok Kumar Mehta a seat on its board as a non-executive director. Mehta is currently director (commercial) of Indian state-controlled mineral producer National Mineral Development Corporation and was responsible for the commissioning of the 3-million-tonne-per-annum steel plant at Nagarnar.
Certain shareholders of Aguia Resources (ASX:AGR) have dropped their push to have directors voted out after three directors and the chairman quit. The disgruntled shareholders raised concerns over the fact that the chairman, managing director and commercial officer were collectively paid nearly $2.2m in cash and received 4.15 million options in FY17 and FY18.