Highlights: Coal, Iron Ore, Lithium
- 257,968 tonnes of coal produced from the Delta Coal mine for the June quarter – AJM share 85,989 tonnes.
- Maiden JORC Coal Reserve estimate of 12.5 million tonnes for the Delta coal mine, with the JORC Coal Resource estimate revised up to 61.4 million tonnes (previously 57.4 million tonnes).
- Significant scope to expand the Coal Reserve estimate via further drilling of the Coal Resource areas and exploration of the lesser explored sections of the Delta Coal tenement.
- Decision to proceed to mine allows for development of this valuable iron ore project.
- Production to commence at 3Mtpa in Q2 2014 with scope to increase output in the future.
- Altura entitled to 30% of initial production (900,000 tonnes per annum) with a projected annual revenue stream of $92 million at current prices and exchange rates.
- Agreements in place to allow mining, transporting and sale of Altura’s share of product via Atlas Iron infrastructure.
- Atlas provided finance package in place to cover Altura’s capital expenditure commitments.
- Recent upgrade increases Ore Reserves at the Mt Webber JV by 14%.
- Diamond core drilling program completed and core preparation underway to allow further process testing.
- Mining Lease application process continues and water monitoring bores installed.
- Altura continues search for off-take partner to develop world class Pilgangoora project.