NQ Minerals has completed binding agreements to acquire 100% of Tasmania Energy Metals Pty Ltd (“TEM”) and its 100% owned Barnes Hill Nickel-Cobalt project.
The investment is targeted towards the development of a new low-cost long life nickel/cobalt/gold/silver operation planned for the Beaconsfield area in Tasmania. The plant would use NQ’s pyrite/precious metals concentrates from the Hellyer Mine for the supply of locally produced sulfuric acid.
NQ plans to develop a 6,000 tonne per annum nickel plant based on the Barnes Hill Project’s nickel and cobalt mineral resource which contains 14.3 million tonnes at 0.72% nickel and 0.05% cobalt (on a 0.5% Ni cut-off). These resources are all located within 120km of the Hellyer operations.