Reed Resources Ltd: Mount Marion Lithium Project to start-up in 2010
Mount Marion Lithium Project to start-up in 2010
Reed Resources and Mineral Resources have reached a farm-in agreement for the development of the Mount Marion Lithium Project in Western Australia’s goldfields region.
Mineral Resources is to complete a feasibility study with a view to:
* build, own and operate the processing facilities;
* fund all development costs
* and operate the project,
to earn 40% of net profit from the operation with accumulated development and operational costs being repaid from future operations.
Reed will retain the balance of net profit (60%) and the right to purchase all Spodumene produced.
Based on the current timetable, Mineral Resources will mobilise processing plant and equipment to Nimbus site in Q2 2010, with first product shipments expected in Q3 2010.
Initial production rate is expected to be 17,000 tonnes per month of +6.5% Li2O concentrate.
Read more: http://www.reedresources.c
Mineral Resources is to complete a feasibility study with a view to:
* build, own and operate the processing facilities;
* fund all development costs
* and operate the project,
to earn 40% of net profit from the operation with accumulated development and operational costs being repaid from future operations.
Reed will retain the balance of net profit (60%) and the right to purchase all Spodumene produced.
Based on the current timetable, Mineral Resources will mobilise processing plant and equipment to Nimbus site in Q2 2010, with first product shipments expected in Q3 2010.
Initial production rate is expected to be 17,000 tonnes per month of +6.5% Li2O concentrate.
Read more: http://www.reedresources.c
Location of the Mt Marion Project relative to Kalgoorlie and the Nimbus Processing Plant.