Foran Mining taps investors for McIlvenna Bay initial phase funding
McIlvenna Bay is currently host to the largest undeveloped VMS deposit in the Flin Flon region in Saskatchewan.
A further 5,800 t of zinc concentrate from Terramin Australia’s Angas mine sailed from Port Adelaide on the weekend. The shipment has an estimated net realisable value of $2.2 million based on the agreed September pricing of $0.79/lb. Commenting on current market conditions, Dr Kevin Moriarty, Executive Chairman of Terramin Australia said, “A lower Australian dollar and a drop in smelter charges have worked to offset the recent drop in zinc price. We are also seeing a silver lining in the current economic slowdown with substantially lower consumable costs for grinding balls, mill reagents, diesel for the underground fleet and lower ocean freight rates.” (more…)
