Compass Resources

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Compass Resources NL
Type Public (ASX:CMR)
Founded {{{foundation}}}
Headquarters Flag of Australia Sydney, Australia (main headquarters), Darwin, Australia (secondary headquarters)
Key people Gordon Toll (chairman), Malcolm Humphreys (CEO)
Industry Mining (exploration)
Products cobalt, copper, gold, lead, nickel, uranium
Revenue 45,000 AUD (from interest/currency transactions only - still in exploration/mine establishment phase), 2005 annual report
Net income -1,141,105 AUD, 2005 annual report
Website www.compassnl.com.au

Compass Resources NL is an Australian mining and mineral exploration company listed on the Australian Stock Exchange.

The company's main assets are mineral resources at Browns, Browns East and Mt. Fitch, adjacent to the former Rum Jungle uranium mine in the Northern Territory of Australia. Brown's consists of a multi-metal oxide deposit overlying a related sulphide deposit.[1] Compass also has exploration rights over the site of the former uranium mine and some royalty rights on a gold mine in New South Wales.[2]

[edit] Mining in the Northern Territory

In 2005, Compass Resources sought approval to establish a copper, cobalt and nickel mine on the Brown's Oxide deposit. It also plans to mine Lead, Copper, Cobalt and Nickel from the sulphide deposit through a separate processing chain. Browns East is a copper and uranium resource[3]

Compass has advised shareholders that the projects could lead to reopening uranium mining in the area, with infrastructure from the Brown's Oxide project shared with uranium processing from a nearby deposit on the abandoned Rum Jungle lease.[1] The company began clearing the Browns site ahead of formal signing of a joint venture agreement with a Chinese partner, Hunan Nonferrous Metals (HNC), but expects to be reimbursed for these development costs. [4] It is scheduled to start mining the Browns Oxide Project in 2007 with production aims of 10,000 tonnes per annum (tpa) copper, 1,000 tpa cobalt and 700 tpa of nickel.[3]

On Wednesday 4th April, 2007, CMR lodged an application for a Mining Lease with the NT Government covering the Mt Fitch uranium deposit. [5] Not everyone thinks it's such a good idea.[citation needed]

[edit] References

  1. ^ a b Francis, Adrienne. "Renewed activity around Rum Jungle", ABC Rural: Northern Territory, Australian Broadcasting Corporation, 22 February 2006. Retrieved on 2007-02-22. 
  2. ^ New South Wales resources. Compass Resources. Retrieved on 2007-02-22. and New South Wales exploration. Compass Resources. Retrieved on 2007-02-25.
  3. ^ a b Australian Stock Exchange (2007-02-15). "Significant Uranium Intercepts Recorded at Browns East Project" (pdf). Press release. Retrieved on 2007-02-23.
  4. ^ Australian Stock Exchange (12 February 2007). "Chinese regulator lodges approval notice" (PDF). Press release. Retrieved on 2007-02-23.
  5. ^ Northern Territory News, 4 April 2007, public notices

[edit] External links