Havilah Resources NL
Havilah Resources NL
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Prominent Australian producer OZ Minerals has teamed with explorer Havilah Resources in a strategic alliance that aims to explore and develop what could be Australia’s next great copper region in the Curnamona Province of South Australia.
South Australian copper miner OZ Minerals has moved to strengthen its organic growth pipeline by taking an option to acquire the PFS-stage Kalkaroo project comprising an existing resource of 245Mt @ 0.45% copper and 0.39g/t gold and a large exploration tenement holding in SA’s Curnamona province.
OZ says the proposed $A205M acquisition of the project from Havilah Resources offers the potential for a scalable, low-cost, long-life operation with province potential.
A new inferred cobalt-gold resource for Havilah Resources’ Mutooroo copper-cobalt-gold project, near Broken Hill, NSW, Australia, of 6.68Mt at 0.17% cobalt and 0.17g/t gold, has lifted the total sulphide resource 144% to 12.53Mt at 1.53% copper, 0.16% cobalt and 0.20g/t gold for a total 20,000t cobalt and 80,600oz gold.
Havilah Resources has lined up a port and transhipment route for its South Australian iron ore projects, signing a non-binding MoU to access a new export terminal on Spencer Gulf at Playford, close to Port Augusta.
Playford, where private operator Port Augusta Operations is working to refurbish and upgrade existing facilities to establish a modern iron ore terminal, is linked by existing railway networks to Havilah’s Braemar iron ore discoveries 300km away.
A day after the shock shareholder vote rejecting a $A100M investment plan, South Australian miner Havilah Resources has been served with a challenge to chairman Mark Stewart and independent director Martin Janes.
In their call for a special shareholder meeting, an investor group with company founder and former executive chairman Bob Johnson nominated Victor Previn and Richard Buckley as replacement directors.
Havilah Resources shareholders have rejected UK industrialist Sanjeev Gupta’s GFG Alliance’s up to $A100M proposed investment in the iron ore/copper developer’s South Australian projects that could have given GFG at 51% stake in the company.
Today’s EGM vote saw 76.4% of shareholders vote against the move and 23.6% for it. The EGM vote centred around Havilah’s Technical Director Dr Chris Giles, whose Trindal P/L is the company’s largest shareholder and who earlier supported the deal.
The reversal of a decision by developer Havilah Resources’ major shareholder to back a $100M GFG investment in the company has seen the bid rejected. By Mark Mentiplay
South Australian project developer Havilah Resources continues to explore upside scenarios for its flagship Kalkaroo project ahead of a prefeasibility study update.
South Australian developer Havilah Resources is eyeing a 13-year mine life delivering 30,000tpa copper metal and 72,000ozpa gold with the completion of a positive PFS for its flagship Kalkaroo project, 100km NW of Broken Hill.
The study by RPM Global Asia into development of the 100Mt proven and probable ore reserve, containing 474,000t Cu and 1.4Moz Au, estimates pre-production capex of $A332M.
It estimates pre-tax NPV of $564M at 7.5% discount, IRR of 26%.
UK industrialist Sanjeev Gupta’s GFG Alliance could emerge with a majority interest in Havilah Resources after agreeing to inject up to $A100M in the prospective iron ore and copper developer’s South Australian projects.
The deal, described as transformational by Havilah, establishes a strategic partnership with GFG as it advances the Whyalla steelworks and export facilities it acquired in 2017 after the collapse of Australian company Arrium.