Contel: Co is the object of a reverse takeover (RTO) which will result in co acquiring and taking on the business of Solar Silicon Resources Group (SSRG). SSRG owns Lighthouse Quartz mine, one of world's largest high-purity silica mine, in Queensland and has been operational for several months with stockpile of over 30 tons and has started delivering to customers this quarter...
Estimated reserves of 1.83m tons with mkt value of US$1,500 per ton. Co expects to extract 150k tons of silica in 2011 from mine. Co owns another mine, Mourilyan Sands with est 6.739m tons in Queensland as well. The silica is used in the solar energy industry for photovoltaic solar manufacturing and other high-tech industries. Co's mining operations are materially unaffected by floods due to mining areas being 1000km north of Brisbane...
As of now, SSRG is not revenue generating and will likely come under Catalist board with the new rulings. The RTO will result in parent of SSRG, AuzMinerals being the substantial shareholder of Contel with approx more than 79% of shares outstanding
No comments:
Post a Comment