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Australian Mines shares halted to address media speculation

The company recently acquired a secondary project alongside its flagship Sconi Project.

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Company shares last traded at 3.8 cents before being halted

Australian Mines Ltd (ASX:AUZ) has entered a trading halt pending the release of an announcement correcting media speculation regarding the SK Innovations’ binding off-take agreement.

Shares will remain halted until the earlier of either, the release of the announcement, or the commencement of trading on Friday 4 January 2019.

READ: Australian Mines BFS values Sconi Cobalt-Nickel-Scandium Project at $697 million

During November 2018, AUZ released a bankable feasibility study (BFS) for its Sconi Cobalt-Nickel-Scandium Project in Queensland, valuing the project at $697 million.

Three open pits would be constructed under the project along with a processing plant with annual ore processing capacity of 2 million tonnes.

READ: Australian Mines gets approval for Flemington Cobalt Nickel Scandium Project acquisition

Most recently, AUZ received the approval from the New South Wales government for acquiring the Flemington Cobalt Nickel Scandium Project from Jervois Mining Ltd (ASX:JRV).

The Flemington project has an existing JORC resource of 2.5 million tonnes at 0.103% cobalt and 403 ppm scandium in the measured category.

The goal is for Flemington to act as a second production source of cobalt, nickel and scandium to the flagship Sconi Project.

Quick facts: Australian Mines Ltd

Price: 0.015 AUD

ASX:AUZ
Market: ASX
Market Cap: $59.42 m
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