Australia's junior explorers - The ASIA Miner

TWO Chinese companies have signed contracts
worth US$200 million with Bracken International
Mining for of ftake from the Big
George manganese mine in West Timor. The
agreements will see Shandong Coking Coal
and Sanit Corporation supplied with 30,000
tonnes of manganese each per month,
through the Kupang port. The significant
sales will put the company in a positive cash
position in the final quarter of 2012.
Production at the mine is scheduled to
begin in the third quarter of this year once a
new ship loader has arrived at the port. Tests
have confirmed the average manganese content
is between 50% and 68%. Inter national
logistics specialist Qingdao Newsky Energy
Investments will manage the product.
Bracken’s executive chairman Luke Brakken
says, “I am exceptionally excited about
the latest developments for the company. We
are entering a new phase where we will have
solid cash flow and will be making a profit by
the end of the year. To have two such highly
regarded companies buying our ore is testament
to the quality of our pr oduct and our
ability to deliver on schedule. The Big George
West Timor mine is ready to produce and we
are full steam ahead with the development
and construction of our smelter at Kupang.”
Bracken is in negotiations with construction
companies for the design and build of the
manganese smelter at the pr oject, which is
35km from Kupang port. Construction of the
smelter is on track to begin by June 2013.
ALTURA Mining has more than doubled its
tenure holdings in Indonesia’s South Kalimantan
by acquiring two additional mining per -
mits alongside its flagship T abalong coal
project. The acquisition brings Altura’s holdings
to 17,000 hectares of high value coal
targets in the region, with an 80% shar e of
each project secured by the company.
After shareholder approval and due diligence
on the new projects the expanded Tabalong
project will comprise five mining permits. This
latest acquisition move comes just weeks after
Altura acquired another neighbouring mining
permit which expanded the Tabalong site by
3250 hectares. On completion of the acquisi-
Bracken signs manganese offtake deals
The 8206 hectare Big George project is one
of the company’s six mine licences in W est
Timor, which host a combined r eserve of
more than 300 million tonnes. Bracken has
all mining approvals as well as full gover nment
and community support.
The Queensland-based company has
made a number of major strategic decisions
recently in a bid to diversify its assets. It has
migrated onto the open market board of the
Frankfurt Stock Exchange and signed a 150
million stock placement with private Australian
resource company, In Minerals. This deal
will result in an Aus$17 million cash and mining
equipment payment as well as In Mine-
tion, the expanded Tabalong Coal Project JV
will comprise five IUPs.
Tabalong is the company’s advanced coal
project which is awaiting mining appr oval
with production to then be fast-tracked for
operations to commence later this year. The
operation will consist of a surface mining
and benefiting product delivering it to an oftake
depot on the Barito River, about 100km
west of the mine site.
The project covers 63sqkm in the T anjung
formation, which is known for its high energy ,
low ash and medium sulphur coal seams. This
region has been the target of intense coal exploration,
with several high grade coking and
Indonesia
rals’ tungsten ore mining rights in Queensland,
which boasts an inferred resource in excess
of 1 billion tonnes. Luke Bracken says
Bracken’s migration to the open market is the
next step towards production. “I am very excited,
we are making progress and moving
Representatives of Bracken International Mining with Chinese officials at the signing of offtake agreements for
manganese from West Timor.
upwards and onwards to become an efficient
market supplier of high-grade manganese
ore. I am ecstatic at completing the deal with
In Minerals ahead of schedule to diversify
Bracken International Mining beyond Indonesia
and beyond manganese.”
The company has also opened two new regional
offices – one in Jakarta, Indonesia and
the other in Qingdao, China.
Altura acquires additional coal permits
high energy thermal coal deposits identified.
Altura says Tabalong’s location lends itself
to the satellite development of other mining
permits that have the potential to be operated
simultaneously to provide increased tonnages
as well as blended coal pr oducts. The
company says its latest acquisitions could be
amalgamated into the development.
Tabalong has a JORC-compliant r esource
of 13.4 million tonnes of high grade thermal
coal, however Altura is aiming to increase the
resource during its next phase of exploration.
The initial operation is expected to annually
produce up to 400,000 tonnes and ramp up
to 740,000 tonnes.
July/August 2012 | ASIA Miner | 29