Elementos Limited has recently raised Au$2.1 million through an over-subscribed rights issue and a private placement of shares to a number of strategic investors, which it will use to advance its Cleveland mine and tailings project in Tasmania. In a release the company said it “appreciates the strong support of shareholders and is now well-funded to achieve its strategic objectives”. The company is targeting a 2016 start-up of tailings treatment, providing cash flow to support a mine re-start in 2018.
Immediate high priority activities planned are: finalisation of environmental permitting for the tailings development and mine dewatering, as a precursor to applying for a mining lease; further metallurgical test work on the tailings resource; technical appraisal of the Cleveland hard-rock resource, with an emphasis on defining open-cut mineable resources; and “advancing strategic relationships with industry players that may provide marketing, financial and technical synergies with the Cleveland tin and tungsten deposits”.
