Attila Resources Limited
Attila Resources Limited
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Attila has recruited Tolga Kumova and Tom Eadie, founders of fellow Australian explorer Syrah Resources, to the new management team to bring its recently acquired Century zinc project 250km NW of Mount Isa in Qld out of mothballs.
Corporate director Kumova and non-exec Eadie will join proposed MD Patrick Walta as Attila seeks to revive Australia's largest opencut zinc mine. Attila, planning a name change to New Century Resources, has announced a $A5.65M placement of shares at 15c, including $0.5M to Kumova, for recompliance costs.
Attila Resources is moving to buy the big mothballed Century Zinc Project and extensive infrastructure in Australia’s Queensland, starting with binding agreements for an initial 70% for 30M Attila options, a royalty and sole funding project expenditure of $A10M over the 1st 3-years.
The deals with mine rehabilitator Century Bull P/L and current Century mine owner MMG, include a further option to acquire the remaining 30%.
Attila has jumped into the acquisition of MMG’s big Century Zinc Project in Australia, put on C&M early last year, with a 30M options/$10M project funding deal and plans for 100%
Australian-based Attila aims to raise $A1.7M through a 1-for-1 entitlement offer at 2cps to meet its 70% JV obligations while it continues to seek a buyer or funding option for the Kodiak coking coal project in Alabama, USA. It's also planning an $0.2M offer to external investors.
Attila's planned $US55.3M sale of the project to local Magni Resources remains stalled, with Magni confirming it won't satisfy - or waive - the conditions that are blocking the deal.
Australian explorer Attila has suspended work on the DFS for its Kodiak coking coal project while it awaits confirmation that US-based buyer Magni Resources completes its search for funding to conclude their $US55.3M transaction.
After posting a $4.2M post-tax loss for the 6 months to Dec 2014 (H1 FY15), out from a $2.9M loss a year earlier, Attila says any spending on the DFS now won’t be reflected in the sale price, so it’s decided to preserve the cash for its own future use.
Attila re-entered the Coke No 1 coal mine at its 70%-owned Kodiak project in the USA after gaining Mining Safety and Health Administration approval.
Bulk sampling at the mine will support plant design, coal analysis and marketing exercises for the definitive feasibility study by engineers Sedgman and Norwest Corporation.
Attila Resources reaches a milestone in its road to becoming a mid-tier US coal miner with re-entry to the Coke No 1 mine in Alabama.
Attila Resources has lined up funding to decision-to-mine stage at its 70%-owned Kodiak coking coal project in Alabama, USA after raising $A7M in an overbid placement of 11.7M shares at $0.60.
Australian-based Attila’s bankable feasibility study is due in the March 2014 quarter, after August’s prefeasibility demonstrated its potential to deliver hard coking coal at all-in cash costs in the bottom 10% of international metallurgical coal producers.
Attila Resources’ Kodiak coking coal project in Alabama, USA, supports low costs and fast payback, a pre-feasibility study indicates.
The Kodiak PFS confirmed the feasibility of re-commissioning the Coke No.1 Mine at the Gurnee Property, utilising the existing infrastructure and logistics pathway.
Production at Kodiak is expected to be 2Mtpa, with up-front funding of $US52.1M and comprehensive cash costs of $90/t free on board for the life of the mine.
Attila Resources is moving towards a bankable feasibility study at its Gurnee coal property Alabama, US, following a resource upgrade expected in the coming month.
Following a drill program, Attila has sufficient data to upgrade resources from inferred to measured and indicated categories.
In addition, the company is set to undertake a scoping study and has begun dewatering at the Coke No 1 mine.