Compass Resources

Compass Resources NL
Type Public (ASX: CMR)
Industry Mining (exploration)
Headquarters Sydney, Australia (main headquarters), Darwin, Australia (secondary headquarters)
Key people Gordon Toll (chairman), Malcolm Humphreys (CEO)
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 and currently in voluntary administration since 29 January 2009.[1]

The company's main assets are mineral resources at Browns, Browns East and Mount 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.[2] 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.[3]

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[4]

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.[2] 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.[5] 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.[4]

On Wednesday 4 April 2007, CMR lodged an application for a Mining Lease with the NT Government covering the Mount Fitch uranium deposit.[6]

On 29 January 2009, Compass Resources went into voluntary administration, while in the process of commissioning the Brown's Oxide mine.[1]

References

  1. ^ a b Compass Resources ASX announcements 2009 accessed: 10 September 2009
  2. ^ a b Francis, Adrienne (2006-02-22). "Renewed activity around Rum Jungle". ABC Rural: Northern Territory (Australian Broadcasting Corporation). http://www.abc.net.au/rural/nt/content/2006/s1576224.htm. Retrieved 2007-02-22. 
  3. ^ "New South Wales resources". Compass Resources. Archived from the original on 2007-02-18. http://web.archive.org/web/20070218105259/http://www.compassnl.com.au/resources_nsw.htm. Retrieved 2007-02-22.  and "New South Wales exploration". Compass Resources. Archived from the original on 2007-02-18. http://web.archive.org/web/20070218105504/http://www.compassnl.com.au/exploration_nsw.htm. Retrieved 2007-02-25. 
  4. ^ a b Significant Uranium Intercepts Recorded at Browns East Project. (pdf). Compass Resources NL (Australian Stock Exchange). 2007-02-15. http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00693392. Retrieved 2007-02-23. 
  5. ^ Chinese regulator lodges approval notice. (PDF). Compass Resources NL (Australian Stock Exchange). 2007-02-12. http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00692392. Retrieved 2007-02-23. 
  6. ^ Northern Territory News, 4 April 2007, public notices

External links

Mining companies of Australia