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Markets // Tin Explorers

Queensland takeover boosts Consolidated Tin

Thursday, 20 December 2012

Hong Kong-based Snow Peak has signed a $40 million deal to take over North Queensland mining assets held by collapsed miner Kagara Ltd. Completion of the proposed transaction is anticipated to be in late January 2013.

Snow Peak is a cornerstone shareholder in Consolidated Tin Mines Limited, which is currently conducting a pre-feasibility study on an adjacent tin project. Under the proposed deal, Consolidated Tin is now set to manage and operate the North Queensland central region assets, including the Baal Gammon mine and Mt Garnet processing plant, on behalf of Snow Peak. The Baal Gammon open pit copper mine is owned by Monto Minerals but was mined under a royalty agreement by Kagara.

Consolidated Tin plans to initially operate the Mt Garnet processing plant to process ore from the Baal Gammon mine, with the longer term objective of processing tin ore from its own Mt Garnet Tin project. The plant has a capacity of one million tpy or ore, with copper and poly-metallic circuits and the addition of a tin circuit under consideration. Tin production at Mt Garnet could start in 2014 and could build to some 5,000 tpy. There is also a possibility of recovering by-product tin from Baal Gammon.

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