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Tin in the News
Dear readers,We mentioned last week that ITRI will speak at the free-to-attend Sydney Tin Seminar on 6 November 2017 as well as the fifth annual Beer & Co Tin Conference in Melbourne on 8 November 2017. More details on these investor-focussed events and instructions on how to register are available here . We hope to see some of our regular readers there.In this edition of "Tin in the News", we include updates and recent news from tin projects in Australia and the UK as well as a summary of China's August tin trade data.Tom Mulqueen - Manager, Markets |
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Tasmanian tin projects making strides
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28 September: Speakers at ITRI's Asia Tin Week in Kunming outlined recent successes and plans at the Heemskirk and Cleveland tin projects, both located in Tasmania.Stellar Resources Managing Director, Peter Blight, outlined how the Heemskirk tin project passed a key milestone in early 2017 following the grant of a 12-year mining license. The company is currently pursuing a fast-start strategy, first outlined in September 2016, with the project's three main underground deposits, Queen Hill, Severn and Montana to be developed in that order. The company is now carrying out a significant drilling campaign to update the existing Mineral Resource and to further progress towards completion of a Definitive Feasibility Study (DFS) for the project, anticipated by mid-2018. First production is currently targeted by mid-2019.Meanwhile, Elementos Executive Director, Chris Dunks, explained how similarly a low-cost, quick-start strategy, is being pursued for development of the Cleveland tin project. The company is also carrying out a drilling programme in 2017 to define additional resources by targeting shallow exploration targets that have been identified. The company is also continuing metallurgical work and plans to lodge a revised Mine Lease application this year. There are also plans to carry out a DFS with a focus on the development of an enlarged open pit at the site. First production is targeted by late-2019.ITRI View: Tasmania is a hotspot for tin project development; with the operating Renison Bell tin mine a strong example of the tin production potential of the region. The "Rentails" tailing project at Renison is another potential source of future production, with a DFS completed earlier this year. Aus Tin Minings' Granville tin project in Tasmania commenced tin production at a low level in mid-2016 and also has plans to ramp-up production in the future.
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Strongbow raises funds for water treatment work
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29 September: Canadian-listed Strongbow Exploration (TSX-V: SBW) has successfully raised C$10.7 million (~US$8.6 million) from a royalty sale and private placement which will be used for working capital and for construction of a water treatment plant at its South Crofty tin project in Cornwall, UK.The company successfully completed water treatment trials in March 2017 and has since submitted an application to the Environment Agency for a mine water discharge permit, successful receipt of which would mean the project was fully permitted. The company has since engaged engineering firms for design of a 25,000 cubic metres per day water treatment plant to enable the dewatering of historical mine workings across the South Crofty project area.In September, Strongbow raised C$2.2 million (~US$1.8 million), including C$1,33 million (~US$1.1 million) from its largest shareholder, Osisko Gold Royalties, and the remainder from a non-brokered private placement. In addition, the company entered into a C$8.5 million (~US$6.8 million) royalty sale and equity financing agreement with Osisko including the sale of a 1.5% Net Smelter Returns royalty on potential future production from South Crofty.Richard Williams, President and CEO of Strongbow stated: "The Company expects to receive the discharge permit later this year, and commence dewatering of the mine in the first half of 2018, as planned."ITRI View: Taking all necessary steps to move ahead with dewatering the mine is the immediate priority for advancing the South Crofty tin project. Strongbow is targeting deeper tin mineralisation below 400m for a potential mine but further exploration drilling of this part of the deposit can't be carried out efficiently while the mine is flooded. Although complete dewatering of the mine is expected to take over 1.5 years, once the higher levels of the mine are dewatered cheaper exploration drilling options for defining this deeper mineralisation will be possible.
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China ore imports from Myanmar decline in August
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27 September: According to the latest official customs statistics released yesterday, China imports of tin ores and concentrates from Myanmar totalled 19,081 tonnes in August, with an estimated tin content of 4,600 tonnes, down 23% month on month but up 21% year on year.From January to August in 2017, estimated metal content within China tin ore imports from Myanmar totalled 40,500 tonnes, about 2,600 tonnes more than the total for the same period of 2016. China tin ore imports from elsewhere totalled 438 tonnes (gross weight) including 227 tonnes from Russia and 163 tonnes from Brazil. The trade data also reveals refined tin and alloys imports in August totalling 348 tonnes, while exports totalled 359 tonnes.ITRI View: Road and processing infrastructure improvements as well as low-grade ore stockpile depletion continued to support the output of ores and concentrates from Myanmar in August relative to previous years. Ore and concentrate imports increased significantly in the fourth quarter of last year following wet season although we expect a much smaller uptick in Q4 2017. Our outlook for Myanmar tin mine production in 2017 is currently 53,000 tonnes, although actual shipments may be higher to account for local concentrate and stock sales.
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