Tawana secures funds to raise Bald Hill Li/Ta output
Australia-based Tawana Resources has secured a A$20mn ($14.4mn) facility to fund proposed fines lithium and tantalum circuit additions to the dense media separation plant at its 50pc-owned Bald Hill lithium-tantalum mine in Western Australia.
The additions are expected to increase the plant's throughput to 300 t/hour from 200 t/hour and improve recovery rates, Tawana said.
The Bald Hill mine started commercial production in July, producing 21,975t of lithium concentrate in July and August. It is on track to produce 60,000-75,000t during July-December. It has also made its first tantalum pentoxide sales.
A separate line of credit of A$20mn has been secured for Tawana and its joint-venture partner Singapore-based Alliance Mineral Assets, dependent on their merger taking place later this year and Alliance gaining a listing on the Australian Securities Exchange.
Funding for increasing production and completing the merger has come from a consortium of investors and co-ordinated by Australian fund manager Tribeca Investment Partners.
"The project has the lowest capital intensity in the sector and produces a coarse product low in deleterious materials, making it highly sought after by lithium converters," said the portfolio manager of Tribeca's Global Natural Resources Credit Fund Haydn Smith. "We believe Bald Hill spodumene will ultimately command its own pricing much like high-grade iron ore or high-energy thermal coal."
Bald Hill has an ore reserve of 11.3mn t grading 1.01pc lithium oxide and 160 parts per million tantalum pentoxide.
source: Argus Media
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