KZL 0.00% 12.0¢ kagara ltd

Admiral Bay was discovered by meridian oil, BHP have been...

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    Admiral Bay was discovered by meridian oil, BHP have been sniffing around KZL for quite a number of years, they made informal approach to them re a joint venture ages ago, i remember it being discussed at the AGM that year.

    They obviously felt it had a future. China's Guangdong Foreign Trade Group have also been interested in it.

    Considering KZL got Admiral Bay for $2.5m i think it was a good buy. Got a snippet below from presentation at the West Australian Mining Club

    Admiral Bay
    Rebecca Le May
    April 28, 2011
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    Kagara Ltd says a joint venture partner for its Admiral Bay base metals mining project in Western Australia is likely to be Chinese.

    Chairman Kim Robinson says the miner is keeping its partnership options open for the Admiral Bay lead, zinc and silver project in WA's Kimberley region, which it bought from Rio Tinto for $2.5 million and has the potential to yield several billion dollars in revenue.

    China's Guangdong Foreign Trade Group, which holds a 18.9 per cent stake in Kagara, could be selected as the joint venture partner but the miner was keeping an open mind and had engaged a bank to canvass the project to the broader market, Mr Robinson said

    Mr Robinson said a 72 million tonne zinc and lead resource in the inferred category of Australia's mineral reporting code had been defined from only 2.1km of an 18km strike length at Admiral Bay.

    "It's also got an awful lot of silver in it," he told the West Australian Mining Club in Perth on Thursday.

    "It's an absolute beauty - a tier one, world class deposit.

    "The potential is quite enormous.

    "One of those deposits will be around for 50 to 100 years and we're looking for partners."
 
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